Fill in the Blanks BlockchainOnline version IT buzzwords 2017 by Bia Aguiar 1 Basically complexity show works potentially fraudulent Everyone safety fundamental facilitate completely trendiest transactions made analogy developing exchange meanwhile around The blockchain is the trend of the moment . has heard of it but few actually understand how it works due to its relative , so we will try to introduce it here . The blockchain with Bitcoin . In order to clear up any potential confusion , Bitcoin is a system of currency that doesn ? t rely on banks , countries , or any outside institutions . This is a very big deal , as there are many people living in countries that have to deal with issues like hyperinflation , not being able to exchange their currency for others , and having to currency on the black market . Bitcoin can solve all that ? but the technology underlying Bitcoin , called blockchain , is the real star of the . Blockchain is what enables Bitcoin users to be able to exchange currency without any fear . , blockchain works by keeping a record of each transaction that happens using Bitcoin as a currency . This record is transparent to everyone and is part of the structure of Bitcoin . As Investopedia puts it : " To use conventional banking as an , the blockchain is like a full history of banking transactions . Bitcoin are entered chronologically in a blockchain just the way bank transactions are . Blocks , , are like individual bank statements . " This blockchain structure makes it very difficult to do any sort of activities involving the currency itself . And indeed , its solidity is shown as blockchain is starting to be used by major banks the world as a way to pay large amounts of money with less time spent on security , thanks to the of the blockchain . For example , in October 2016 Wells Fargo and The Commonwealth Bank of Australia history by using blockchain to paying for a shipment of cotton from the U . S . to China .
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