What is blockchain in cryptocurrency?
Blockchain has recently become a buzzword and it has garnered so much hype.
To put it in simple terms, a blockchain is a chain of blocks that consists of information. Blockchain technology is a decentralized, distributed ledger that keeps track of a digital asset’s origin. Owing to the fact that the data on a blockchain is unchangeable, it makes it a legitimate disruptor in industries like payments, cybersecurity, and healthcare.
To know more about it and how does it work, let us explore the technology in a little more detail here.
What is Blockchain?
Blockchain is a potentially powerful and revolutionary technology. It reduces risk, eliminates fraud, and provides scalable transparency for a wide range of applications. Blockchain is a system of storing data that makes it difficult or impossible to change, hack, or cheat it. It is a distributed database shared by nodes in a computer network.
A blockchain serves as a database, storing digital data. Each block or node in the network possesses a set of transactions. Each time a new transaction occurs on the blockchain, each participant’s ledger gets the addition of the record.
By employing its features of decentralization and cryptographic hashing, blockchain, also known as Distributed Ledger Technology (DLT), makes the history of any digital asset unalterable and transparent.