Blockchain 101

What is the Blockchain?

The blockchain is an anonymous peer-to-peer payment system for recording and verifying transactions securely.  It is a database that cannot be manipulated. It is also decentralized, meaning that there is no governing body controlling the blockchain.

Why is the Blockchain so cool? Why will it change the world?

Scams:

Everyone hates getting scammed! Transactions on the blockchain prevents instances where you purchase an item and the seller doesn’t follow through. Smart contracts are used to protect both buyers and sellers.

Fees:

Traditional financial institutions have made millions of dollars on middleman transaction fees. Everytime we send money to a friend or change or move our money in general we get stuck with FEES! The blockchain offers a peer-to-peer system, meaning no middleman. This means we would be able to move our money around more freely and without it costing as much. 

Privacy:

We all love the cloud! A system that keeps ALL of our data and personal info. But the reality is that our info is owned by these major corporations such as facebook and google. The blockchain changes the game on privacy. Instead of these big corporations having all of your data, your data would instead be secure in your digital wallet. A digital wallet that ONLY you have access to through an encrypted key.

In summary the blockchain makes it possible to transfer value or information securely. It removes middlemen  and allows for more cost efficient transactions. It reduces the cost of transferring money to places all over the world, and provides almost instant transactions. The blockchain allows for irreversible and tamper-proof payments. It is a superior system that gives us control of our money and data. It’s the future!