Why is everybody talking about Blockchain Technology?

The simple answer to this question is because Blockchain technology is the future of transactions. The idea of blockchain must sound very complex and unnecessary to the common man. As much as one can hope to survive without having to learn about these things, it is an absolute necessity to keep up with the growing technology. Especially when this seeming-to-be complex technology can make our lives simpler and more secure.

blockchain technology

The first thing that comes to our minds when we hear blockchain technology is transactions of cryptocurrency. It is a fact that this blockchain is the future of transactions. However, it is also not limited to monetary transactions.  This article aims to give you a simplified explanation of everything you need to know about blockchain technology.

What is Blockchain Technology?

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Blockchain is a secure and transparent method of storing a detailed decentralized database, also known as a ledger, in a series of immutable blocks which is shared among a network of computer systems. In further simple words, Blockchain technology is a decentralized public ledger that helps in recording transactions through multiple computers.

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Let’s further break the definition down to understand its features better.

  • Secure method – The technology uses an advanced level of encryption to secure the process.
  • Transparent method – Anyone can join the network and view all the information on a blockchain.
  • Decentralized technology – A single entity does not own authority over the database. Instead, all stakeholders will own authority over it.
  • Immutable blocks – If users make any changes in the blocks, other users can easily spot them in the copies that they hold through the change caused in the hash.
  • Sharing of data – Blockchain data travels through a peer-to-peer network. All participants of the transaction receive this data via cryptographic signatures.

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