What is blockchain technology? The ultimate guide for beginners. — from cryptocoinsociety.com by Jesús Cedeño
Excerpt:
The purpose of this article is to address three central questions that should be discussed to fully understand and appreciate this revolutionary and disruptive technology called blockchain. This will include historical details about nascent technology and its evolutionary progress through the first decade of existence. We will also explore the different types of this technology and explain why the blockchain name is a misnomer and introduce a more proper name for the technology.
Why do we Need Blockchain Technology?
To answer this question we need to state what is the value proposition of Blockchain Technology. Blockchain’s value hinges on decentralization. Without decentralization blockchain technology is no different from regular databases. Decentralization removes the need to have an intermediary or a single authority that acts as gatekeepers of truth or having to trust an entity to ensure the trustworthiness of any transaction. Through blockchain, people will be able to transact with each other directly without having to worry that transactions will push through and will not be reversible.
