How does a blockchain work?
In the digital world we live in, it’s very easy to manipulate information. In fact, it’s becoming harder and harder to know what’s true and whom to trust. This is where blockchains come in.
A blockchain is essentially a database that allows information to be recorded in it, shared, and made accessible to everyone but not make the information editable. This means once the information is in the blockchain, it cannot be changed or misconstrued or removed. In this way, the blockchain acts like a source of truth.
To understand how a blockchain works, let’s imagine you’re moving houses and you start by packing up your kitchenware.
You get all your special chinaware organized. You pack them into a box until the box is full. Once at capacity, you write “fragile: wedding chinaware” on your box. When the box is closed off, taped and labelled, you add it to your U-Haul truck and drive to your new home.
How a blockchain works in different industries:
- Health care. Medical records are being added to the blockchain so that practitioners can view accurate healthcare records in real-time.
- Music industry. Songwriters are putting their creative work on the blockchain so that true ownership of work is recorded and other artists don’t plagiarize their work.
- Space industry. NASA is using the blockchain to keep the information about their shuttles accurate, and as a way to protect their information from being hacked.
