Blockchain: A Decentralized Technology
No doubt, the blockchain technology is garnering major interest across the world. It even made it to our list of top 5 trends of 2018. Still not sure what exactly is a blockchain? Well, simply put, a blockchain is a record of blocks of information like transactions and/ or agreements stored across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. It is maintained by a decentralized computing network. The information is stored chronologically and viewed by community of users.
Blockchain is one of the technologies used in cryptocurrencies like Bitcoin and has been around for 10 years now. Bitcoin is a decentralised digital currency which can be sent to other people without the need for a central banking system.
Anything built on the blockchain is transparent where you can track the data if you want to and people involved in it are accountable for their actions. While the person’s real identity remains secure, all the transactions done by their public address can be still be seen.
Blockchains are a fascinating new technology that enables fully decentralized databases, resistant to censorship and allow system adoption in critical applications. Blockchains were invented specifically to solve the problem of centralization in payments and digital value.
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