The document is an introduction to blockchain technology. It states that blockchain will transform business similar to how the internet did. Blockchain is described as a distributed database where everyone has a copy of the ledger and transactions are verified by all users, allowing for rapid changes without compromising data integrity. The main advantages are that the system is democratic and can securely and efficiently store records for governments, financial institutions, and other organizations in a cheaper way than traditional databases. Bitcoin is also discussed as being originally devised for the digital currency but blockchain has other potential uses.

1. What is BLOCKCHAIN?
An introduction, by Safaraz Ali
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2. I have come across a number of experts in the
industry, who agree that blockchain is going
to transform the way we do business; similar
to the way in which the internet did, over two
decades ago.
But, what is it exactly?
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3. Blockchain: In layman’s terms (1):
In it’s simplest form, blockchain is a ‘database’.
However, it is a little different to a ‘conventional’ database,
meaning that it will massively affect currencies, stock exchanges,
supply chains, and ledgers of ownerships (such as land registries
and medical records); and even identity records and voting.
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4. Blockchain: In layman’s terms (2):
A conventional database has one master copy that must be
updated by a trusted party. When a transaction is performed, all
parties must wait until the central database has been updated,
this involves a whole host of back office functions and support
staff.
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5. Blockchain: In layman’s terms (3):
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This is where blockchain is different. It is a distributed ledger –
everyone has a copy, and changes to the database are verified by
all the users. This allows for multiple rapid changes to the data
that is held in the ledger without comprising the integrity of the
data itself. Each transaction is a block that gets added to the chain.
Once a transaction is added, everyone with permission to do so
can see it on their copy, and blockchains cryptographic (encoded)
audit trail means that it can be changed.

6. Blockchain: The Main Advantages
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The main advantage of blockchain is that its truly democratic, governments
with their vast amounts of records that need to be kept secure are getting in on
the action.
Land registries, tax records, medical and benefits records could all conceivably
be kept more cheaply, efficiently and securely. It is still however, the financial
services companies that are taking blockchain very seriously and one of the
areas that has been spoken about that is ripe for disruption is foreign exchange.

7. Blockchain: The ‘Bitcoin Wallet’
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Although there is more to blockchain that just
‘Bitcoin’, the two are obviously strongly
associated.
Blockchain has been originally devised for the
digital currency, Bitcoin; but the tech
community is now finding other potential uses
for the technology.
Bitcoin has been called “digital gold,” and for a
good reason. To date, the total value of the
currency is close to $9 billion US. And blockchains
can make other types of digital value. Like the
internet, you don’t need to know how the
blockchain works to use it. However, having a basic
knowledge of this new technology shows why it’s
considered revolutionary.

8. Everything starts with a conversation, so let’s talk:
Safaraz Ali
Linkedin: https://uk.linkedin.com/in/safaraz
Twitter Handle: @SafarazAli
Tel: 0121 707 0550
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