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 * Blockchain Explained
 * What is Blockchain?


WHAT IS BLOCKCHAIN?

Learn the basics of blockchain technology and why it can enhance trust in both
record keeping and financial transactions.


Blockchain is a system of recording information in a way that makes it difficult
or impossible to change, hack, or cheat the system.

A blockchain is essentially a digital ledger of transactions that is duplicated
and distributed across the entire network of computer systems on the blockchain.
Each block in the chain contains a number of transactions, and every time a new
transaction occurs on the blockchain, a record of that transaction is added to
every participant’s ledger. The decentralised database managed by multiple
participants is known as Distributed Ledger Technology (DLT).

Blockchain is a type of DLT in which transactions are recorded with an immutable
cryptographic signature called a hash.

 

This means if one block in one chain was changed, it would be immediately
apparent it had been tampered with. If hackers wanted to corrupt a blockchain
system, they would have to change every block in the chain, across all of the
distributed versions of the chain.

Blockchains such as Bitcoin and Ethereum are constantly and continually growing
as blocks are being added to the chain, which significantly adds to the security
of the ledger.

 


WHY IS THERE SO MUCH HYPE AROUND BLOCKCHAIN TECHNOLOGY?

There have been many attempts to create digital money in the past, but they have
always failed.

The prevailing issue is trust. If someone creates a new currency called the X
dollar, how can we trust that they won't give themselves a million X dollars, or
steal your X dollars for themselves?

Bitcoin was designed to solve this problem by using a specific type of database
called a blockchain. Most normal databases, such as an SQL database, have
someone in charge who can change the entries (e.g. giving themselves a million X
dollars). Blockchain is different because nobody is in charge; it’s run by the
people who use it. What’s more, bitcoins can’t be faked, hacked or double spent
– so people that own this money can trust that it has some value.


UNDERSTANDING LIBRA

Understand how Facebook leveraged specific aspects of blockchain technology to
launch a new cyrptocurrency called Libra, and its potential impact on the
banking and finance sector.

DOWNLOAD



BLOCKCHAIN EXPLAINED

Jump to another blog post in the Blockchain Explained series by clicking one of
the tiles below.
 * How transactions get into the blockchain
   Understand the process to authenticate and authorise a transaction
   
   blog post
   
   3 minute read
   
   
 * The difference between blockchain and Bitcoin
   Many people wrongly conflate the two. Do you know the difference?
   
   blog post
   
   3 minute read
   
   
 * The risks with public blockchains
   Understand the three main risks associated with public blockchains
   
   blog post
   
   3 minute read
   
   

 * How blockchain data is stored and secured
   As more and more blocks are added, how does the data remain manageable?
   
   blog post
   
   3 minute read
   
   
 * The rise of private blockchains
   What companies are using private blockchains today and why?
   
   blog post
   
   4 minute read
   
   




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Euromoney’s FinTech training courses are led by world-leading experts and cover
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