How to explain blockchain in plain English
Blockchain is not Bitcoin. It's a broader technology that will help validate transactions taking place in a decentralised and trusted manner. Bitcoin is but one example of how it can be used. South Africa's Reserve Bank has just successfully concluded its pilot with about 6 major SA banks which also shows the seriousness with which the financial sector and other industries are taking blockchain.
How it actually works can be quite technical but it is worth just understanding what it is and how it could make a difference in the business world.
The shortest understandable explanation is: "Blockchain is a mechanism for recording information that is unalterable and does not depend on trusting a third party".
|How to explain blockchain in plain English
Arm yourself with definitions that will help you explain blockchain to others. One expert compares it to a school lunch trade.