
What is a blockchain?
All these years, people were using a trusted middleman such as a bank to make a transaction. But blockchain allows consumers and suppliers to transact directly, removing the need for a third party.
Block chains provide “digital ledger” of transactions that everyone on the network can see. This is achieved through cryptography. “network” is fundamentally a chain of computers that must all approve an exchange before it can be verified and recorded.
Why is it so different?
The technology can work for almost every type of transaction involving value, including goods, money and property. Its potential uses are almost boundless: from collecting taxes to enabling migrants to send money back to family in countries where banking is hard.
Blockchain can reduce frauds as every transaction w