Blockchain Technology

Let’s find out what this innovative technology is all about.

The easiest way to explain a blockchain is that it is a method to store data in blocks that are linked together in a chain.
Blockchain technology is based on a decentralised system that can be compared to a digital ledger that manages data.

All members of the blockchain network own a continuously updated and synchronised copy of this database. Each block stores data and is inseparably linked to the previous block. This creates a chain, a blockchain, where it is nearly impossible to change records. This security structure makes the technology attractive for many applications, including financial services, supply chains and the Internet of Things.

To ensure the information on the blockchain is correct, the technology relies on a consensus algorithm. In the case of Bitcoin, for example, this means that (decentralised) computing power from all around the world validates the data of each new block.

This video shows in a simplified and understandable way what a blockchain is and how it works.