What is blockchain technology?

If you haven’t heard of blockchain technology, you are probably not so familiar with technology. Blockchain technology is a peer to peer decentralized distributed ledger that can make digital asset records transparent. They cannot be changed, they cannot be altered and they cannot be deleted by any third-party person. This makes blockchain technology some of the most secure digital technology that there is out there.  

Why decentralize blockchain technology? 

A decentralized network can offer people multiple benefits compared to a network that has been centralized. From the increased reliability and privacy of the system, networks on blockchain technology are easier to grow and scale, and deal with and there’s no known point of failure. Blockchain is distributed because of shared communication and distributed processing.  

How is blockchain related to bitcoin? 

Blockchain isn’t the same thing as bitcoin. Bitcoin is a cryptocurrency and it’s an application of blockchain. Blockchain is the base, the technology behind bitcoin and its implemented on a range of channels. If you are learning about and working on blockchain, you are learning how cryptocurrency works.  

All about blockchain 

Blockchain is a shared ledger. Thousands of connected computers can maintain a single ledger and blockchain can perform user transactions without any third party intermediaries. To be able to do any transactions on blockchain, you need to have a wallet. A blockchain wallet is not a physical thing, but a program that allows you to spend cryptocurrencies. These are secured and no one can get into them, but you can manage the wallets and have complete control over their transactions.[Text Wrapping Break] 

When a user makes a transaction through the blockchain network, a block is created. This block represents the transaction and this is then broadcast across the network. The blockchain network then validates the transaction. Once a transaction is verified, it gets put together with other blocks to create new blocks of data for the ledger to recognize. The blocks are completely secure. 

Benefits of blockchain technology 

There are plenty of benefits to using blockchain technology, and some of those benefits are listed below: 

  • Completely secure. In a normal online database, you trust the administrator of the system that nothing in the data will change. With blockchain, there’s no possibility of the data being altered or removed.  
  • Transparent. The decentralized system of blockchain offers complete and utter transparency to the users. When you use this type of technology, there’s no central authority and thus, the system works well. 
  • It’s available. Unlike the other systems out there, the decentralized nature of blockchain technology makes it highly available. Everyone on the blockchain is working in a peer to peer network, and that means that everyone has a computer running. When one of these goes down, the others still work. 

How to learn about blockchain 

We’re living in such a time of digital technology, which means that there are plenty of opportunities to learn all about blockchain. There are online courses, training sessions and more to help you to learn all about blockchain. 

Leave a Comment

Your email address will not be published. Required fields are marked *