What is blockchain?

Cryptocurrencies like Bitcoin and Ethereum are powered by a technology called blockchain. Basically, a blockchain is a list of transactions that anyone can view and verify. For example, the Bitcoin blockchain contains a record of every time someone has sent or received a Bitcoin. Cryptocurrencies and the blockchain technology that powers them make it possible to transfer value online without the need for a middleman like a bank or credit card company.

Imagine if all the financial services you use now had a global, open alternative that you could access with just a smartphone and an internet connection.

The list of transactions contained in the blockchain is essential to most cryptocurrencies because it allows payments to be made between people who don't know each other without going through a third-party verification authority like a bank.

Blockchain technology is also exciting because it has many uses beyond cryptocurrency. Blockchain is being used to explore medical research, improve the sharing of medical records, streamline supply chains, increase privacy on the internet, and more.