@Rokay123
What really is "blockchain technology"?
Blockchain technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. Our guide will walk you through what it is, how it's used and its history. Blockchain, sometimes referred to as Distributed Ledger Technology (DLT), makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing. A simple analogy for understanding blockchain technology is a Google Doc. When we create a document and share it with a group of people, the document is distributed instead of copied or transferred. This creates a decentralized distribution chain that gives everyone access to the document at the same time. No one is locked out awaiting changes from another party, while all modifications to the doc are being recorded in real-time, making changes completely transparent. Of course, blockchain is more complicated than a Google Doc, but the analogy is apt because it illustrates three critical ideas of the technology: BLOCKCHAIN EXPLAINED: A QUICK OVERVIEW Digital assets are distributed instead of copied or transferred. The asset is decentralized, allowing full real-time access. A transparent ledger of changes preserves integrity of the document, which creates trust in the asset. Blockchain is an especially promising and revolutionary technology because it helps reduce risk, stamps out fraud and brings transparency in a scaleable way for myriad uses. In my next post, I'll show you how "blockchain" works.
2 comments
This is very interesting, knowing this will really advance your knowledge on Crypto currency.
This is interesting and educative. It is laid out in simple terms that a lay man can easily understand. Thank you for sharing this information, I look forward to reading the next article soonest.