These blocks are chained together through a complex mathematical procedure that is unforgeable and tamperproof. Essentially, blockchain allows a ledger of transactions to be run on a decentralised basis within a network. The technology therefore enables the safe transmission of all manner of assets (not just bitcoin), without the need for confirmation from a central institution. With blockchain, reconciliation between participants occurs automatically.
But what are we to do with this technical innovation? Plato once said that: "Necessity is the mother of invention". But in the case of blockchain, we are seeing the exact opposite. The invention, ie blockchain, has already been born. Now people in many places are searching for the necessity – for the specific cases where it can be applied in practice.