Infographics: the inevitable blockchain
It’s blockchain infographics time! But before we begin, a brief intro on what blockchain is and how it works, courtesy of Sopra Banking Software (as is the infographics):
The blockchain, is as it sounds, a chain of information broken up into blocks of data. Cryptocurrencies, like bitcoin and others, use the blockchain as a conduit.
A blockchain is sort of like DNA in that each “gene” (block) contains a specific piece of information. Each block of data represents a transaction of currency and you can follow the chain to build up a picture of each transaction, right through to the current one.
You could take the analogy further and describe the individual units (nucleotides of the gene, i.e. ATGC) as being a simple codon, a little like the encryption in the blockchain. In the blockchain, the block of data is protected using public-private key encryption and you can only access these data if you hold the private key. This is also what obfuscates the information within cryptocurrencies and therefore helps to prevent data theft.
