What is Blockchain – Explained in simple English The basic concept of blockchain is not difficult to understand, but the implementation of the technology could change the way the world works. Why, well because it could even remove the need for having banks! A problem with electronic transactions is the need for a third-party intermediary like a bank to authenticate and keep records of payments. Without this, people could purchase items with money they don’t have, as there would be no record of their money being spent. Blockchain removes this need for third parties in transactions by creating a distributed record which is possessed and verified by other users. Essentially, other people keep a record of money spent and the order of transactions, removing the need for a bank. This means you can pay cryptocurrency directly to somebody else without cheating the system, relying on the consensus of other nodes in the blockchain. More details, and how it compares and differs from Bitcoin, can be found at http://ift.tt/2moKEsJ
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