Let’s start with a simple definition: a blockchain is a digital log of activity.
What is a digital log of activity good for? Well, individuals can use blockchains to accomplish different aim and objectives.
Take the Bitcoin blockchain. It does nothing more than log all movement of bitcoin (BTC) from one address to another address on the chain. It serves a function similar to email. It is a tool for individuals who want to interact with a recipient address without working through an intermediary.
Blockchains can log information other than money movement. On Ethereum’s blockchain, mini-software programs known as smart contracts are logged. Individuals who want to launch an application that is globally accessible would develop and host a smart contract on Ethereum’s blockchain.
In general, blockchains are being used in much the same way that developers use computers. This means that is possible that everyday users may not yet find blockchains useful enough to engage with daily. But the properties of a blockchain allow for the creation of new digital products and services that you may one day find valuable.
This material is for informational purposes only and should not be construed as financial, legal, or tax advice. You should consult your own financial, legal, and tax advisors before engaging in any transaction. Information, including hypothetical projections of finances, may not take into account taxes, commissions, or other factors which may significantly affect potential outcomes. This material should not be considered an offer or recommendation to buy or sell a security. While information and sources are believed to be accurate, UNest does not guarantee the accuracy or completeness of any information or source provided herein and is under no obligation to update this information.
