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Blockchain in Two Minutes
What is the blockchain and how it can be used for good
At its heart, a blockchain is a linked list. Each item in the list — called a block — contains three pieces of information: a timestamp, the data you’re trying to store in the block, and a hash of the previous item on the list. This links each block together by reference and creates a “chain” of sorts (hence, blockchain). Because each block references the one before it, making changes to one block requires making changes to every single block that was added after it, meaning altering a blockchain is next to impossible (but not fully impossible). This means that the integrity of the blockchain is relatively secure and can be distributed among networks that aren’t necessarily trusted.
The native immutability of a blockchain makes it useful for a variety of applications, but especially those that want to record some kind of indelible record. One of the best examples comes from the fine art world.
In the world of fine art, being able to prove the provenance (or history) of a piece is important. It's what separates authentic pieces from forgeries, allows stolen pieces to be returned to their rightful owners, and helps restoration efforts by setting the piece in the proper time and place. Digital provenance could be supplied by a blockchain, where every time a…
