Keep up: Blockchain explained (Simple)
If you work in the e-commerce, retail or logistics industry you most likely have heard the phrase “Blockchain”. You may know that it is technology that connects businesses in some way. But how? After reading this you will be able to keep up in conversations regarding the mysterious blockchain. So let’s sum up.
What is blockchain?
Let’s start by dissecting the name, “Blockchain”. Blockchain is basically pieces of transaction data stored in intangible blocks, that link together in an equally intangible chain. When a transaction happens, the chain extends. This chain of blocks records and confirms the time and sequence of asset transactions. It
can remind you a bit of the supply chain and they actually overlap each other dynamically in the span of a product’s cycle from production to purchase. Example
Blockchain was first mentioned in 1991 by a research group, that wished to send documents in a tamper-proof system, such as time stamps that couldn’t be backdated. But it first gained popularity when adopted by Satoshi Nakamoto to develop the concept of Bitcoin.