Breaking Blockchain to it Bits.

I find it easy to write about topics like this, I spend hours learning about new technologies and global trends on YouTube, journals, and podcasts. So don't worry, you're in good hands. That being said, if you're confused about cryptocurrency, you can read my previous blog about it. Blockchain is predicted to be ten times more valuable than the internet; it is a dependable and sustainable invention of today, and it is often mistaken with cryptocurrency. As global citizens, it is critical that we understand what this is all about, how to incorporate it into our businesses, and how to work with companies that want to help introduce Blockchain technology to society, especially in a place like Nigeria.

Blockchain is transforming global interaction and how data is verified and stored, and it is simple to understand how it operates. Simply put, a user requests a transaction/data, which is sent to a system of networks, it gets authenticated, and if active, it is added to a current block of transactions, which is chained to previous transactions, and validated as accurate. The records of transactions are meticulously kept due to the timestamp feature of blockchain, which means that all day-to-day transactions are accurately kept, if a transaction or data input is incorrect, such input will be declined.

In layman's terms, Blockchain is essentially a digital bookkeeping network or data system that allows you to build a digital ledge of data that can be exchanged by a network of individual users, making it the most secure and effective bookkeeper, with no room for misinterpretation, mistakes, or fraud. If anything does not add up in the transaction request, the transaction will be declined; thus, the input must be 100 percent correct. Get it? That's great. Just follow me and you'll get the hang of it. Please keep in mind that Blockchain and Cryptocurrency are not the same thing!

Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block contains a cryptographic hash of the previous block as I said earlier. By design, Blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires consensus of the network majority. You can say blockchain is an advanced spreadsheet that has the ability to record a huge amount of data of which such data has to be accurate before it can be assembled, even if an error was made, it will register the error, the author, and the time the error was made. There is practically no room for error on the Blockchain all input and activities are transparent and data is accurate.

Okay, we get the gist. What's the use of blockchain?

The possibilities of Blockchain are limitless, but let's stick to a couple.

•  Blockchain is simply used to create a paperless book of record where everything can be securely stored like assert, liabilities, cash flow and, reconciliation. This eradicates crooking the books because it is impossible with the Blockchain technology, one of the reasons why the  Nigerian government  was really quick to ban cryptocurrency can be linked to the fact that accepting cryptocurrency means you're accepting  the technology that powers it which is Blockchain.  
• Since Blockchain technology is so effective, it can be used to establish digital identity for citizens. If you have a cell phone, getting official identification is the easiest thing you can do with Blockchain technology. All that is required is the creation of a custom profile that records your data on a unique set of blocks, then generates a unique id for you, and can also register your fingerprints and facial identity. 
• As previously said, cryptocurrency is powered by Blockchain, removing the need to rely on banks and governments in its simplest form, giving you more control over your money. Bye-bye to bank fees, exorbitant maintenance fees, and government intrusions into your bank account.
• Blockchain will eliminate corruption; but, if the governance is not trustworthy, it will be resistant to blockchain technologies. When blockchain technology is integrated into government, it would be completely transparent, leaving no space for ambiguity, or questions regarding how funds were allocated or the need to switch off the mic.

        Thank you for your time, See you next time.