Blockchain technology is a decentralized and distributed digital ledger for recording transactions across multiple computers rather than being governed by a single authority. It differs from traditional ledgers in how it stores and manages data. For instance, a blockchain is a chain of blocks linked to the previous block in chronological order, creating a chain of blocks. Hence, the name blockchain.

Let’s delve deeper into blockchain technology, its features, how it works and its applications in detail with his comprehensive blog.

What is Blockchain Technology?

Blockchain is an innovative record-keeping system designed to store information securely. Its distributed ledger technology records transactions and related data in multiple places simultaneously, making it secure and immutable.

What makes blockchain unique? Conventional databases store data in rows, columns, tables, and files, whereas blockchain stores data in chained blocks. Multiple participants called nodes in the network validate the blockchain transactions rather than a single central authority.

Since blockchain transactions are secured through cryptographic algorithms, altering or tampering the data is nearly impossible. The transparency and security of blockchain make it suitable for various applications, specifically cryptocurrencies, smart contracts, supply chain management, etc. For example, Bitcoin was the first ever cryptocurrency that successfully leveraged blockchain technology, leading to many other cryptocurrencies using blockchain.

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