Blockchain technology is like a computer that is the backbone of web3, crypto + NFTs, to name a few. It is literally a chain of blocks that are lined up in order, that build on one another…one after the next… after the next… after the next. Think about blockchain as an infinite lego tower being built.
Each one of those blocks holds information, kind of how your school planner holds all your all of your assignments.
So a blockchain is basically just a digital record that is safe, and secure and puts you in control of your information.
Obviously we have digital records already, like when you check your grades online or your doctor pulls up your chart at her office. Here are the three main things about blockchain that make it unique.
- It’s not owned by one person or one company. Instead, everyone can see the information. For example, just like if you make honor roll, everyone can see it, like your classmates, not just your School Administration. Your privacy is protected and your peers can’t see your actual grades, unless you tell them (wink face).
- Because everyone has access to the information, there is proof that something happened. For example, there is proof you performed well in school, and you have the ability to show that to anyone.
- It can’t be changed. You can’t edit it, you can’t delete it and you can’t copy it. Once it’s on the blockchain, it’s there forever. For example, once you’ve made honor roll, no one can take that away from you.
Because of these traits of blockchain, it allows you to prove that the information block belongs to you.