Step 1 What is the Blockchain?

A blockchain is a global network of thousands or even millions of computers or “nodes.” Each node in the network tracks and records every transaction. Every time you buy or sell crypto currency, the transaction is recorded in a shared database known as a ledger. Before a “block” of encrypted data can be added to the ledger, most computers in the network must solve complex mathematical puzzles to verify the accuracy of the data. Once that’s happened, the block is “chained” to previous blocks recording earlier transactions, all the way back to the very first transaction. Because the computational work needed to verify transactions is so great, no individual or group can add fraudulent transactions to the blockchain. So, authenticity is never an issue. Blockchain technology can also be used for other things and through this, you can establish who owns which media. It is recorded who created a unique digital work as well as every time it changed hands a digital record is created on the Blockchain going forward. You can establish a trustworthy inherent record of a work’s provenance which is and will remain unfalsifiable. That’s the blockchain revolution makes it possible to also create scarce and valuable digital assets like an Art-NFT.
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