Blockchain at a glance
Blockchain is the term for a technology that was first implemented in 2009 and is best known for its use with cryptocurrency. Blockchain has become a widely-used technology that is rapidly disrupting sectors as diverse as cybersecurity, elections, real estate, analytics and ridesharing.
For the purpose of cryptocurrency, a blockchain serves as a distributed public ledger, a secure method for recording peer-to-peer transactions and making them publicly verifiable. Blockchain doesn’t rely on a central authority, and most importantly, it makes double spending and forgery impossible. Theoretically, double spending and forgery are possible, but the time required is longer than the current age of the Universe.
To explain blockchain technology thoroughly in the space of this article would be even more impossible! Instead, we will explain a few fundamental concepts in the context of how Scrive uses blockchain. Depending on how tech-savvy you are, the following is either a high-level glance or a granular deep dive.