What is blockchain?
If you’re confused about blockchain technology – what it is, how it works and why it’s important – you’re not alone. We are in the early adopter phase of blockchain when many different industries are exploring the technology and its potential. Here, we offer a basic overview to give you a working knowledge of blockchain.
Blockchain is a technology that enables capturing, tracking and sharing of digital assets like bitcoin and other cryptocurrencies in a distributed ledger across a decentralized network. In the most basic sense, blockchain operates like a network for a digital database. But instead of storing data in a table, blockchains store data in individual blocks that are linked together in chronological order.
Blockchain technology explained
Unlike traditional databases that store data on a single server, blockchain stores data simultaneously on multiple computers, or “nodes,” that chronologically record every transaction and distribute the records to the entire network. The information contained in a blockchain is visible to anyone with access to that network, at any time.
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