The blockchain presents a myriad of use cases ranging from records of land titles, financial data, medical records, and student records to keeping track of cargo shipments and so much more.

But what is the blockchain? What makes it so versatile? Why is it deemed to be significant?

Let’s start with a simple example; back in school after doing our exams, we would have our scores recorded on a sheet of paper before the scores are uploaded on a spreadsheet. This would be done across all subjects.

The sheet of paper in this case represents the blockchain. And for a more simpler correlation we can equate the blockchain to a database but what majorly sets the two apart is the fact that it’s easy to hack and change data on a database, but on the other hand once data is filled on the blockchain it becomes unchangeable and indestructible.

Back to our score sheet example; in case I wanted to change my score it would be as easy as pie to alter. What makes the blockchain secure is cryptographic technology which entails solving complex mathematical problems thus encrypting the data making it impossible to alter.

Given my class had 150 students and one score sheet can only record scores of 50 students, once one sheet is filled the next group takes on the second sheet, and so on. Similarly, the blockchain stores data in groups — blocks and each block has a storage limit; once filled it gets chained to the previously filled block thus creating a chain of blocks hence the blockchain.

Each block on the chain has its unique code, a reference to the previous block code, and a timestamp.

The data is also distributed within a network of computers, consequently creating a verifiable ledger of data that anyone can review without being able to alter or corrupt.

In summation, the blockchain is a digital ledger that records and stores data in a way that makes it impossible to hack or change.

The data is stored as blocks, chronologically added to a chain; it’s distributed across a network of computers; it’s publicly available and immutable — it cannot be changed.

These key features make the blockchain quite versatile and its utility becomes inevitable in our operations in the foreseeable future.

The blockchain stands to make operations much more efficient, accurate, secure, and cheaper, and with fewer intermediaries, it’s just a matter of time.