Before I dwell into the specifics, I plan to provide my readers with insights on certain fundamental aspects that I consider essential to understand this topic.
To begin with, one needs to understand what a blockchain is. In my words, I would define blockchain as a digital method of recording information in a way making it nearly impossible to hack or cheat the system.
According to Oxford, blockchain is defined as a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. Perhaps the concept of blockchain would go way beyond this notion, and that its characteristic as a foundation for cryptocurrency is just one of the many features that have been explored by blockchain analysts.
This article aims to let the readers have a basic knowledge on blockchain, how it works, how it affects peer to peer lending, and how it is disrupting the traditional financial transaction sectors.
How does this work?