Blockchain: What is it, How does it work…?

Blockchain has opened a new paradigm for independent musicians. The leading platforms for music streaming are Musicoin and Choon. The chief benefit is that musicians are compensated immediately for every stream while fans can listen to music free.

The blockchain seems rather mysterious to many. For instance, how does the above relationship between listener and musician work? It seems to defy the law of economics. Free music and pay for the musicians? By the way, the blockchain has applications in many spheres beyond music, such as banking, insurance, government. At this point, our friends at will take over to explain blockchain… what it is, how it works and how it’s changing the world!

“Most people have heard of the blockchain, but very few actually know what it means. When you ask someone what it is, they’re likely going to spew out a bunch of words and phrases that won’t make any sense. Or the explanation will take so long that you lose interest in it.

The simplest way to explain it is that it’s a reliable, very difficult to hack record of transactions and who owns what. Blockchain is based on distributed ledger technology which securely records information across peer-to-peer networks. It was initially created to trade the cryptocurrency Bitcoin, but its potential reaches far beyond cryptocurrency.

Blockchain ledgers can include titles, loans, identities, and almost anything else of value. The technology is still very new, but the potential impact it can have on business and everyday life is enormous. [Read on here…]

Related link: Blockchain Explained