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Blockchain constitutes the pillar of cryptocurrencies such as Bitcoin and Ethereum. Although its application scope is more extensive, it may completely change any database record preservation and other aspects. For investors who want to use this technology’s exciting potential, the Blockchain Exchange Trading Fund (ETF) allows you to easily invest in hundreds of companies pursuing blockchain -based strategies. In this article, seven Best blockchain companies will be recommended.
What is blockchain technology?
Blockchain is a digital classification account that records data -usually cryptocurrency transactions, although it can process any type of data -and distribute it in a wide range of computer system networks.
All nodes involved in the network hold the same copy of the digital account book, which is an important reason why it is difficult (but not impossible) to crack or deceive the system.
The word decomposition of blockchain helps understand the working principle of the system.
Computers participating in the network encode the data (for example, the supply chain information of smart contracts, Bitcoin transactions or logistics companies) into “blocks”, and these “blocks” are added to the continuously developing digital classification accounts, that is, “chain”. With the addition of the new information block, the repeated copy of the entire database will be updated on each node.
All nodes must confirm their legitimacy before adding new data to the chain. For some blockchains, this means that most nodes confirm that a single cryptocar has not been spent more than once. Or for logistics companies, this may mean different nodes registering or verifying the receiving or sending of goods.