Blockchain

                               What is blockchain technology and how does it work?

 

Blockchain is a distributed, immutable ledger technology used to record transactions, track assets, and establish trust. Discover why businesses over the world are adopting it.

IMPORTANT TAKEAWAYS

A blockchain is a type of shared database that is distinguished from other types of databases by the way data is stored; blockchains store data in blocks that are then linked together using cryptography.

Each time new data is received, it is entered into a new block. Once the block is filled with data, it is chained to the previous block, forming a chronological chain of data.

A blockchain may hold a variety of different sorts of data, but its most popular application to far has been as a ledger for transactions.

In the case of Bitcoin, blockchain technology is employed decentralized, meaning that no single individual or organization retains ownership—rather, all users collectively keep control.

Immutability is a property of decentralized blockchains, which indicates that the data submitted is irreversible. This means that, in the case of Bitcoin, transactions are permanently recorded and viewed by anybody.