You might have heard the term "blockchain," and you might even know how it works (kind of).
But how is blockchain fundamentally going to change marketing as we know it?
The rumors are true—blockchain is here to stay—and it's time to truly understand its scope and impact.
Let's review a quick glossary of terms
First things first: blockchain is not synonymous with Bitcoin.
Now let's get to the basics before we move ahead:
- Blockchain is the technology that enables cryptocurrency to exist. Essentially, it records cryptographically bound transactions between peer-to-peer networks. Blockchain's security works because it's encrypted and decentralized.
- Cryptocurrency is the method of exchange, such as the US dollar, in digital form. Cryptocurrency involves encryption techniques to regulate creation of monetary units and to verify the transfer of funds.
- Bitcoin is the best-known type of cryptocurrency. Blockchain technology was invented for this type of currency, but there are other currencies, such as Ethereum, Ripple, and Litecoin.
Here's a fun video from PCMag that explains how Blockchain works: