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in BlockChain by
Q:
How do you explain Blockchain technology to someone who doesn't know it?

What are the benefits of Blockchain Technology and how to use them

1 Answer

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Blockchain technology is a distributed ledger, which stores transaction details in the form of immutable records or non-modifiable records (called blocks) which are secured using cryptography.

Let’s consider the example of a school where Blockchain is similar to a digital report card of a student. Say, each block contains a student record that has a label (stating the date and time) of when the record was entered. Neither the teacher nor the student will be able to modify the details of that block or the record of report cards. Also, the teacher owns a private key that allows him/her to make new records and the student owns a public key that allows him to view and access the report card at any time. So basically, the teacher owns the right to update the record while the student only has the right to view the record. This method makes the data secure.

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