Blockchain for beginners

Humaniq's goal is to empower the unbanked by using blockchain technology.

As such, it’s important to understand how it works. This series will cover all of the core concepts in short and easy-to-understand snippets.

At its core, a blockchain is simply a ledger of transactions, which by itself is nothing ground-breaking. However, traditional forms of storage are completely centralized: when you put your money in a bank, for example, you are trusting it to store it safely for you. Its databases could be hacked, and no one would be able to notice it, except for the bank itself.

Blockchain operates under the principle of decentralized and “trustless” storage. The integrity of the data is guaranteed by cryptography and math, which is verifiable by anyone. This is what trustless means: instead of trusting any single entity, like a bank, you rely on cryptographic rules that guarantee the safety of the data.

However, it is useful to understand exactly what are these rules, and how blockchain achieves its goal of being tamper-proof.