Schooltime 🏫
Blockchain Without Cryptocurrency:
If you know one thing about blockchain, it’s probably that it’s the technology behind cryptocurrencies like Bitcoin. But blockchain technology isn’t exclusive to the crypto world. In fact, some of its most exciting applications have nothing to do with Bitcoin or any other crypto.
A very simple explanation is that blockchain is a digital record that is split into pieces, called “blocks,” which are stored in multiple places. Essentially, blockchain enables record-keeping that is secure, accurate, and fast. Check out our puzzle game analogy for a better understanding of how blockchain works.
What Blockchain Means for Cryptocurrency:
If the idea of blockchain as a secure, immutable record makes sense to you, you’re probably beginning to understand how blockchain has become such a critical foundation for cryptocurrencies to be built upon. Unlike your bank’s digital records, which are potentially vulnerable to hacking, corruption, or even memory loss if the servers go down (hopefully your bank has protocol in place to deal with such things), blockchain records are very difficult to manipulate. They’re virtually invulnerable to power outages (it would take a worldwide power outage to bring down an entire blockchain network), and they’re available 24/7. They’re also quite fast.
