Blockchain is a new concept that originally was used to build Bitcoin – the first crypto currency. The technology is a tamper proof public ledger. Blockchain is now recognised as for much more than just Crypto currencies and is being used throughout industry in areas such as tracking of assets, smart transparent public contracts and naturally in Identity Sharing (a concept that we have developed to a finite level).
Blockchain is not a centralised solution and works on the concept of consensus. With one main database, you need to be sure you can trust the integrity of their data and also you will probably end up paying a fee for such a service. Blockchains use a powerful encryption process to uniquely identify each transaction or change and these changes need to be agreed on the public ledger either by privilege or by something called “consensus”. Public ledgers enable the sharing economy and assure that the data is accurate and tamper proof. Watch this excellent presentation to understand this concept. https://www.youtube.com/watch?v=LdOcXXB48fI
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