The blockchain technology was created in 1991 by Stuart Haber and W. Scott Stornetta, however it was only first used by Satoshi Nakamoto in 2008, serving as a ledger of Bitcoin.
Blockchain is a block of chains that contains information. As new data is added it creates a new block, which is validated by all the other blocks meaning that, new data can be added but past data cannot be changed, it also consistently updates through cryptography. As past data cannot be changed, because if one block is edited it gets rejected by the other blocks, it makes it difficult for hackers to hack the system because if one block is edited all the blocks created after that also have to be edited. This takes a lot of time, effort and skills reducing the likeliness of it being hacked successfully.
It is also decentralised meaning that rather by being owned by one entity its owned by everyone using it. It is a way to trade without a middle man. Some of the benefits of blockchain being decentralised is that no one has to know or trust anyone, lowering the “barriers” to trade, it also reduces the likeliness of corruption as it isn’t owned by one entity so everyone has access to the same data so there is less likely to be information failure. On the other hand, it could be argued that it can lead to crime as money can be more easily moved around the world.
Some problems that blockchain solves:
- It cuts out the middle man, so payments can be done faster.
- Its more inclusive as there are no credit checks and so on.
- Its more secure so fraud is less likely to occur.
Criticisms of blockchain
- Could increase transaction costs.
- Security concerns.
- Sustainability concerns.
Financial Freedom 
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