What is Blockchain?

Blockchain? Distributed Ledger Technology?

William Mougayar
Venture advisor, Entrepreneur, Marketer, Strategist and Blockchain specialist

Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.

Information held on a blockchain exists as a shared – and continually reconciled – database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by numerous computers simultaneously, its data can’t be corrupted or tampered with as simply as with traditional central database systems.

To go in deeper with the Google spreadsheet analogy I would like you to read this piece from a blockchain specialist.

The traditional way of sharing documents with collaboration is to send a Microsoft Word document to another recipient, and ask them to make revisions to it. The problem with that scenario is that you need to wait until receiving a return copy before you can see or make other changes because you are locked out of editing it until the other person is done with it. That’s how databases work today. Two owners can’t be messing with the same record at once.That’s how banks maintain money balances and transfers; they briefly lock access (or decrease the balance) while they make a transfer, then update the other side, then re-open access (or update again). With Google Docs (or Google Sheets), both parties have access to the same document at the same time, and the single version of that document is always visible to both of them. It is like a shared ledger, but it is a shared document. The distributed part comes into play when sharing involves a number of people. Imagine the number of legal documents that should be used that way. Instead of passing them to each other, losing track of versions, and not being in sync with the other version, why can’t *all* business documents become shared instead of transferred back and forth? So many types of legal contracts would be ideal for that kind of workflow.You don’t need a blockchain to share documents, but the shared documents analogy is a powerful one.”

What is Blockchain?

Blockchain? Distributed Ledger Technology?

William Mougayar
Venture advisor, Entrepreneur, Marketer, Strategist and Blockchain specialist

Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.

Information held on a blockchain exists as a shared – and continually reconciled – database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by numerous computers simultaneously, its data can’t be corrupted or tampered with as simply as with traditional central database systems.

To go in deeper with the Google spreadsheet analogy I would like you to read this piece from a blockchain specialist.

The traditional way of sharing documents with collaboration is to send a Microsoft Word document to another recipient, and ask them to make revisions to it. The problem with that scenario is that you need to wait until receiving a return copy before you can see or make other changes because you are locked out of editing it until the other person is done with it. That’s how databases work today. Two owners can’t be messing with the same record at once.That’s how banks maintain money balances and transfers; they briefly lock access (or decrease the balance) while they make a transfer, then update the other side, then re-open access (or update again). With Google Docs (or Google Sheets), both parties have access to the same document at the same time, and the single version of that document is always visible to both of them. It is like a shared ledger, but it is a shared document. The distributed part comes into play when sharing involves a number of people. Imagine the number of legal documents that should be used that way. Instead of passing them to each other, losing track of versions, and not being in sync with the other version, why can’t *all* business documents become shared instead of transferred back and forth? So many types of legal contracts would be ideal for that kind of workflow.You don’t need a blockchain to share documents, but the shared documents analogy is a powerful one.”

Blockchain Infographic

Blockchain? Distributed Ledger Technology?

Source: Blockgeeks

Is NEM a
Crypto-
currency?

NEM is not just a crypto currency. NEM is a blockchain project which caters to much more than only handling it’s native currency tokens “XEM”. Above that, and more importantly, NEM is a peer to peer platform and it provides services like payments, messaging, asset making, and naming system. There shall be a lot more to come as NEM is an evolving solution with an outstanding core blockchain technology.

Is NEM a
Crypto-
currency?

NEM is not just a crypto currency. NEM is a blockchain project which caters to much more than only handling it’s native currency tokens “XEM”. Above that, and more importantly, NEM is a peer to peer platform and it provides services like payments, messaging, asset making, and naming system. There shall be a lot more to come as NEM is an evolving solution with an outstanding core blockchain technology.

Find out more about the NEM Blockchain Platform at www.nem.io.
Be sure to read the “Beginners’ guide to NEM and Blockchain” and check out the other numerous tutorials.

Does NEM have a white paper?

Yes, our developers have written an in-depth Technical Reference as a guide to understanding how the new technology in NEM works. We encourage you to read it.

You may want to skip parts which seem too technical/mathematical in the beginning. You can return to them later.

Does NEM have a white paper?

Yes, our developers have written an in-depth Technical Reference as a guide to understanding how the new technology in NEM works. We encourage you to read it.

You may want to skip parts which seem too technical/mathematical in the beginning. You can return to them later.