Crypto EDU

Blockchain

  • September 15, 2021
  • Beginner
  • cryptocurrency
Block Chain Anim Delivery (0-00-02-21)

Blockchain technology became popular in the 2010s with the advent of Bitcoin. In this system, blocks of data are linked together like a chain, which provides security by making it impossible to go back and change a transaction without breaking the remainder of the chain. At first, it was used only as a way to record transactions, but now it is used to manage many different types of information and track assets all over the world.

With a blockchain, you can trade or track anything of value—like a cryptocurrency or an original piece of digital art. It’s unique because it combines a distributed ledger database with a peer-to-peer network. This means that the digital record and work of maintaining it is shared among a network of unrelated computers, with every transaction visible to every person on the network. No one peer has more power or influence than another. Participants agree to the validity of each transaction prior to recording it on the blockchain, and after agreement is reached, no records can be reversed or changed. Because of this structure, the system can operate without the involvement of a central authority like a government or a third-party intermediary like a bank. 

Why should you care about blockchain?

If you want crypto to exist, you need blockchain to exist. It’s an innovative way to deliver information that allows people, even people who don’t necessarily trust one another, to share data in a secure way that cannot ever be changed.

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