What is a Blockchain?
A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The timestamp proves that the transaction data existed when the block was published in order to get into its hash.
In short, it is a technology which creates a secure public ledger of information that can be used to record and confirm transactions, or store information for later retrieval. It is therefore ideal for creating financial and official records, and as we have seen increasingly as the basis for digital currencies.
The ability of some blockchains to also tokenise (digitally store) data such as images, sounds and video clips has an obvious implication for the gaming industry, by taking player save data and collectibles out of a game and placing them into a permanent record that the player owns and can access, even out of the game. In short, players can take their game items and hold them forever, or even gift, trade or sell them to other players for a possible financial gain. This exciting development in gaming is still in its early stages, but rapidly evolving.