#01. To define blockchain simply, it’s a distributed database comprising a growing list of ordered records called blocks.
#02. A blockchain can be understood as a P2P-based “ledger” that distributes and stores data across the personal computers of multiple users, rather than with a single company or individual.
#03. Thanks to these characteristics, blockchain cannot be forged or tampered with, and all transactions can be recorded permanently.
#04. The technology has drawn the interest of diverse fields, including public administration and finance, medical care, energy, distribution, and real estate transactions.
#05. There are three characteristics of Blockchain. First of all, Blockchain is a digital ledger
#06. By definition, a ledger is a record of transaction data.
#07. Each transaction shows the movement of tangible or intangible goods―services, as well as assets.
#08. Second, blockchain offers stability.
#09. Blockchain’s ledger is made up of its participants and the record of transactions. When a transaction takes place on the blockchain network, the details are sent to all participants in real time.
#10. Therefore, it is impossible to arbitrarily modify, delete, or change transactions recorded on the blockchain. The stability of the transaction is ensured.
#11. The third feature of blockchain is decentralization.
#12. Today, all transactions are brokered by trusted centralized institutions, such as governments and banks.
#13. However, blockchain verifies transactions through the consensus of its participants.
#14. Thus, there is no need for a centralized authority, because the trust has been created by the agreement of the members.
#15. With these characteristics, how is blockchain changing our daily lives?
#16. One representative case of using blockchain is non-fungible tokens, or NFTs.
Shall we learn more in our <NFT> concept video?