{"id":2197,"date":"2022-01-10T20:13:54","date_gmt":"2022-01-10T20:13:54","guid":{"rendered":"https:\/\/blog.prestmit.io\/?p=2197"},"modified":"2025-12-02T14:01:43","modified_gmt":"2025-12-02T14:01:43","slug":"5-things-you-need-to-about-blockchains","status":"publish","type":"post","link":"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains","title":{"rendered":"Explore 5 Things You Need To Know About Blockchains"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23039eb84c3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23039eb84c3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains\/#What_is_a_Blockchain\" >What is a Blockchain?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains\/#What_Are_the_Things_to_Know_About_Blockchains\" >What Are the Things to Know About Blockchains?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains\/#1_Blockchain_Technology_Builds_Trust_Without_a_Middleman\" >1. Blockchain Technology Builds Trust Without a Middleman<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains\/#2_No_Single_Person_Controls_It_Decentralized\" >2. No Single Person Controls It (Decentralized)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains\/#3_Blockchain_Isnt_Just_About_Cryptocurrency\" >3. Blockchain Isn\u2019t Just About Cryptocurrency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains\/#4_Smart_Contracts_Automate_Agreements_on_Blockchain\" >4. Smart Contracts Automate Agreements on Blockchain<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains\/#5_There_Are_Different_Types_of_Blockchains\" >5. There Are Different Types of Blockchains<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains\/#Frequently_Asked_Questions_FAQs_About_Blockchains\" >Frequently Asked Questions (FAQs) About Blockchains<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains\/#Do_you_need_technical_skills_to_use_blockchain\" >Do you need technical skills to use blockchain?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains\/#Is_blockchain_safe_from_hacking\" >Is blockchain safe from hacking?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains\/#Can_blockchain_records_be_changed_or_deleted\" >Can blockchain records be changed or deleted?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains\/#Do_I_need_to_own_cryptocurrency_to_use_blockchain\" >Do I need to own cryptocurrency to use blockchain?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains\/#How_much_does_it_cost_to_use_blockchain\" >How much does it cost to use blockchain?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/prestmit.io\/blog\/5-things-you-need-to-about-blockchains\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><span style=\"font-weight: 400;\">Blockchain is one of those concepts that everyone recognizes but almost no one can explain without taking a deep breath first. It always sounds complex, a little dramatic, and a bit confusing if you\u2019re not already deep in the tech world. Even seasoned crypto traders, who can talk market trends for hours, don\u2019t always fully understand the technology behind the scenes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And that\u2019s perfectly fine. You don\u2019t necessarily need to know every last detail. All you need are the basics explained in a way that actually makes sense. Things you need to know about blockchain\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So let\u2019s make it easy. In this article, I\u2019m breaking <a href=\"https:\/\/prestmit.io\/blog\/4-types-of-blockchain-network\">blockchain<\/a> into five easy, relevant basics you can actually understand. Let\u2019s dive in.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_a_Blockchain\"><\/span><strong>What is a Blockchain?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"wp-image-2198 size-full lazyload\" data-src=\"https:\/\/prestmit.io\/blog\/wp-content\/uploads\/2022\/01\/Blockchain-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1707\" data-srcset=\"https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/01\/Blockchain-scaled.jpg 2560w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/01\/Blockchain-300x200.jpg 300w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/01\/Blockchain-1024x683.jpg 1024w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/01\/Blockchain-768x512.jpg 768w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/01\/Blockchain-1536x1024.jpg 1536w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2022\/01\/Blockchain-2048x1365.jpg 2048w\" data-sizes=\"(max-width: 2560px) 100vw, 2560px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 2560px; --smush-placeholder-aspect-ratio: 2560\/1707;\" \/><\/p>\n<p><span style=\"font-weight: 400;\">A blockchain is a digital ledger that records, verifies, and stores information in a way that is secure, transparent, and nearly impossible to alter. Each block holds data and links to the previous one, forming a continuous chain, hence the name. Because of the structure, once information is recorded, it cannot be changed without everyone on the network noticing.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_the_Things_to_Know_About_Blockchains\"><\/span><b>What Are the Things to Know About Blockchains?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Blockchain_Technology_Builds_Trust_Without_a_Middleman\"><\/span><b>1. Blockchain Technology Builds Trust Without a Middleman<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">One of the most powerful aspects of blockchain, and the first thing you need to know, is that it creates trust without needing a central authority like a bank or government.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This trust is created through the system itself, not because you have to trust a person or a company. Every transaction is verified by the network and stored permanently. Every new record must be checked and approved by the majority of computers in the network, so false information can\u2019t sneak in.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once a record is added, it is locked in place. Changing it would also require altering all subsequent records, which everyone on the network would notice immediately. On top of that, all participants can see the records, so anyone can verify that the information is correct.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This combination of checks, permanent storage, and visibility means people and businesses can interact directly, sending money, recording contracts, or sharing data, with the assurance that the system itself guarantees honesty and security.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_No_Single_Person_Controls_It_Decentralized\"><\/span><b>2. No Single Person Controls It (Decentralized)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Blockchain is decentralized, which means no single person, company, or organization is in charge. Instead, thousands of computers, called nodes, around the world work together to maintain the network, store records, and verify transactions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This setup ensures that no single party can manipulate the system for personal gain or shut it down. Even if some computers go offline, the network continues running smoothly because the workload is distributed across many participants.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Decentralization also allows users to interact directly with each other, <a href=\"https:\/\/prestmit.io\/blog\/top-10-apps-send-money-nigeria-year\">sending money<\/a>, exchanging data, or recording agreements without needing banks or middlemen. By spreading control across a wide network, blockchain creates a strong and resilient system that is much harder to disrupt and isn\u2019t dependent on a single point of failure.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Blockchain_Isnt_Just_About_Cryptocurrency\"><\/span><b>3. Blockchain Isn\u2019t Just About Cryptocurrency<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It is easy to assume that blockchain equals crypto, but that is like assuming the internet equals email. Cryptocurrency was just its first big application because although the concept was first proposed in 1982, it wasn\u2019t widely adopted until Satoshi Nakamoto introduced <a href=\"https:\/\/prestmit.io\/blog\/bitcoin-101\">Bitcoin<\/a> in 2009.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today, blockchain technology powers thousands of cryptocurrencies, <a href=\"https:\/\/prestmit.io\/blog\/what-is-defi\">decentralized finance (DeFi)<\/a> platforms, and other fast-growing blockchain applications like NFTs and <a href=\"https:\/\/prestmit.io\/blog\/what-are-smart-contracts-in-cryptocurrency-a-beginners-guide\">smart contracts<\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But beyond that, organizations also use blockchain to track supply chains, verify digital identities, manage healthcare records, run voting systems, and record property ownership. It can prove the authenticity of your luxury outfits, confirm where goods came from, and simplify international payments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because blockchain records are permanent, transparent, and verifiable, they ensure that the information is accurate and trustworthy. The technology\u2019s ability to provide a secure way to manage data across many industries makes it useful far beyond money. It is a reliable tool wherever there is a critical need to verify something or for transparency.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Smart_Contracts_Automate_Agreements_on_Blockchain\"><\/span><b>4. Smart Contracts Automate Agreements on Blockchain<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Many blockchain networks can run what are called smart contracts (smart contracts are digital rules written into the blockchain that automatically execute when certain conditions are met).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With these smart contracts, everything happens according to the program\u2019s instructions, without waiting for anyone to manually approve it. This makes processes faster, reduces errors, and ensures that the outcome is predictable and consistent every time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, payment can be released automatically when a service is delivered, or ownership of a digital asset can transfer once a sale is confirmed, without the need for a lawyer to draft the processes or monitor the agreement. Because these contracts are stored on the blockchain, they turn agreements into automated, secure, and permanent operations that cannot be altered by anyone.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_There_Are_Different_Types_of_Blockchains\"><\/span><b>5. There Are Different Types of Blockchains<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Not all blockchain technology works the same way. Depending on who can access them and how they\u2019re managed, blockchains fall into a few main types, and each is designed for a different purpose:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Public blockchains: <\/b><span style=\"font-weight: 400;\">These are open to anyone. On public blockchains, anyone can participate in verifying and adding data; this is the type behind cryptocurrencies like Bitcoin and Ethereum.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Private blockchains<\/b><span style=\"font-weight: 400;\">: These are limited to specific participants, making them useful for businesses that need to keep some information internal while still benefiting from blockchain technology.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Consortium blockchains<\/b><span style=\"font-weight: 400;\">: Managed by a group of organizations rather than a single entity. This allows multiple parties to share responsibilities and maintain the network together.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Hybrid blockchains<\/b><span style=\"font-weight: 400;\">: These combine features of both public and private systems, giving organizations flexibility to make certain data open while keeping sensitive information restricted.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQs_About_Blockchains\"><\/span><b>Frequently Asked Questions (FAQs) About Blockchains<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Do_you_need_technical_skills_to_use_blockchain\"><\/span><b>Do you need technical skills to use blockchain?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">No, you do not need technical skills. Many blockchain applications, like sending cryptocurrencies, using DeFi platforms, or accessing NFTs, are designed for regular users. The basics are simple once explained in everyday language, like we just did.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_blockchain_safe_from_hacking\"><\/span><b>Is blockchain safe from hacking?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes, blockchain is mostly safe from hacking. While no system is 100% immune, blockchain\u2019s structure makes it extremely difficult to tamper with. Attacking it would require controlling a majority of the network, which is practically impossible in large public blockchains.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_blockchain_records_be_changed_or_deleted\"><\/span><b>Can blockchain records be changed or deleted?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">No, blockchain records cannot be changed or deleted. Blockchain is designed to be permanent, so once information is added, it cannot be erased or altered without affecting all the blocks that come after it. However, if a mistake is made, new records can be added to correct or update the information, creating a clear history of changes rather than removing the original data.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_I_need_to_own_cryptocurrency_to_use_blockchain\"><\/span><b>Do I need to own cryptocurrency to use blockchain?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">No, you do not. Many blockchain applications, like supply chain tracking, digital identity verification, and some smart contract systems, don\u2019t require cryptocurrency at all. Cryptocurrency is just one application of blockchain.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_much_does_it_cost_to_use_blockchain\"><\/span><b>How much does it cost to use blockchain?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Blockchain costs actually depend on the blockchain and application. Public blockchains like <a href=\"https:\/\/prestmit.io\/blog\/ethereum-101\">Ethereum<\/a> may require small transaction fees (called gas fees), while private or consortium blockchains usually have no fees for participants because they\u2019re maintained internally.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Blockchain might seem complicated at first, but at its heart, it\u2019s really a simple idea: just a shared digital record that everyone can trust.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Understanding the basics, how it builds trust, how it\u2019s decentralized, the variety of blockchains, and how smart contracts work is enough to make sense of why so many people and businesses are embracing it. Whether you\u2019re exploring crypto, curious about technology, or just want to know what everyone\u2019s talking about, these five essentials give you a solid foundation.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain is one of those concepts that everyone recognizes but almost no one can explain without taking a deep breath first. It always sounds complex, a little dramatic, and a bit confusing if you\u2019re not already deep in the tech world. Even seasoned crypto traders, who can talk market trends for hours, don\u2019t always fully [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16378,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1788,2053],"tags":[941,867,14],"class_list":["post-2197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-technology","tag-blockchain-networks","tag-blockchains","tag-cryptocurrency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.5 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Explore 5 Things You Need To Know About Blockchains - Prestmit<\/title>\n<meta name=\"description\" content=\"Are you new to crypto abd blockchain technology? 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