Its the underlying technology behind crypto currencies like Bitcoin and Ethereum, but its uses go far beyond that It all sounds complicated, but let me try and break it down to one sentence, an important concept that you need to remember. Simply put block chain is a continuously updated record of who holds what. These records are split into linked blocks, and then secured using cryptography.
The cryptography part just means that you can be sure about the records. This is dubbed as automated trust, or trust that s inherently built into the system. The list of records, known as a distributed ledger, is decentralized and available to everyone to see and verify In addition, the block chain is tamper-evident and unshakeable due to its distributed nature.
Everyone knows when a block has been messed with because it is rejected by the rest of the system If you want to know more. Most people view the block chain as something for intellectual tech-savvy criminals or people that are anti-government.
But the emerging truth, is that the block chain has applications far beyond crypts and as a whole will be nothing short of revolutionary. So a block chain is just a special type of data repository that is in it tamper evident Block chain technology has been called the next stage of the Internet by many.
Now, with the blockchain, using a smart contract, you could have this order all carried out in real time The car would be uploaded to the blockchain so that you would already know that the details are correct because trust is built into the system.
You could buy this car with a cryptocurrency that s attached to your bank account, and all of the ownership and other details about the car is executed in a smart contract, so everything would happen in a matter of minutes instead of days. Your ownership of the car is now attached to your digital identity on the blockchain