What is Blockchain? Here’s Everything You Need to Know

Just like a lot of the technology in the world, the digital assets that have come to light over the past decade like Bitcoin and Ethereum need to rely on some sort of database that’s capable of tracking and maintaining a record of a large volume of transactions in a secure manner. The solution for this need to maintain a large and secure database is the blockchain technology.

Blockchain technology is something that saw its first implementation back in 2009. The technology essentially consists of blocks of data that hold batches of transactions which have been time stamped. Each of the blocks are linked to the previous block and secured through the process of cryptography. This is why it is referred to a chain of blocks.

The world is becoming smarter every day. As it becomes more and more interconnected, the cryptocurrencies are becoming more popular throughout the world. They present a growing market of opportunities that might not want to follow the traditional and long standing banking structure.

Blockchain, however, is more than just a means to power cryptocurrencies. While it is the industry where it saw its invention and where it sees its primary use, it also offers the possibility of creating a fraud-proof system for transactions and exchange. This is why it has a lot of potential to be used…