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ARTICLE · 09 SEPTEMBER 2016

10 Things You Need To Know About Blockchain

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP

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The simplest way to understand blockchain is to think of it as a vast digital ledger of transactions or information that is shared among millions of computers, or other devices connected to the Internet.

CanadaFinance and Banking
Jacqueline Shinfield
Jacqueline Shinfield
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What is Blockchain?

The simplest way to understand blockchain is to think of it as a vast digital ledger (or database) of transactions or information that is shared among millions of computers, or other devices connected to the Internet.

When blockchain is used for transactions, with each transaction a person makes — such as sending or receiving funds — the ledger grows. Each new transaction becomes (or forms part of) a "block" that is added to the "chain."

What makes blockchain technology so revolutionary is that it's both secure and can be decentralized. Through using complex cryptography and a consensus between computer servers, transactions can take place between unknown parties without a central authority to grant approval.

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