Blockchain technology is the technology that is behind bitcoins– it’s important to note that blockchain and bitcoins are not the same thing; a lot of people equate the two mostly because bitcoin is the most famous application of this technology.
Like I describe in the video, blockchain is essentially a secure way to store data that is almost impossible to modify. Blockchain gets its name from the way that data is stored, which mostly looks like blocks that are “chained” together, with each block containing a certain amount of data or transactions. Each block is verified by the data that is contained in the previous block, which means each block gets built upon each other in a dependable way. Because of the way each block is linked to each other, modifying one set of data would mean changing up the block entirely. If you’re interested in seeing my attempt to explain the blockchain data structure using candy, give the video below a play.
There are, by the way, other characteristics of blockchain technology that make it so different from the way that data is stored today. Data today is stored mostly on a single central network, which creates some obvious problems, like what we saw recently with the Equifax data breach. I will go into those characteristics in my next video, so stay tuned!