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Author Topic: [2016-07-13] Demystifying the blockchain: a basic guide  (Read 178 times)
shane
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July 13, 2016, 08:33:53 AM
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Most people agree we do not need to know how a television works to enjoy using one. This is true of many existing and emerging technologies. Most of us happily drive cars, use mobile phones and send e-mails without knowing how they work. With this in mind, here is a tech-free user guide to the blockchain — the technology infrastructure behind bitcoin and many other emerging platforms.

What does the blockchain do?

The blockchain is software that stores and transfers value or data across the Internet.

What can I store and transfer using the blockchain?

To use the blockchain, you will need to set up an account or address (a virtual wallet). At this time, the most popular use for the blockchain is to make micropayments with virtual currencies. For example, you can buy bitcoin with real money and then spend it on the Internet using the blockchain.

Authorising a payment using the blockchain is similar to using a credit card to buy something online. Instead of a 16-digit credit card number, you provide the vendor with a unique string of numbers and letters generated for each transaction. With this unique identifier, the blockchain can verify and authenticate the transaction.
https://www.techcentral.co.za/demystifying-the-blockchain-a-basic-guide/66853/

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