The blockchain is the greatest invention since ever; the brainchild who has invented this technology is named as Satoshi Nakamoto. But since then, this technology has greatly risen up. Blockchain helped in distributing the digital network without any of the copies. Originally the only digital currency that was used is bitcoin later on many of the currencies like the Clear Coin was used as a medium of exchange of currencies.
Bitcoin was well known for the digital old but after many more currencies were invented. There is no need to understand the working of blockchain but should have knowledge regarding the evolution of new technology.
What Is Blockchain Technology?
Basically, blockchain is the type of ledger that is digital and records all the transaction of about hundreds of years. It can not only record the financial transaction but also helpful for doing everything virtually. The blockchain technology is formed in a way that every transaction can be checked automatically via the internet. This is self-auditing of all the transactions; you can check the transaction after every ten minutes. Each of the transaction that is done is said to be the block. Two essentials are:
- Transparency: there is pure transparency of data into the network and it can be easily seen by any of the people.
- Cannot Be Corrupted: if you want to alter any of the data or information, it basically means that changing the vast amount of your computer programming which is not possible. If you want to change the value of bitcoin, it can also lead to destroying the value.
The blockchain is the pure case that helps in tackling all manipulation. This is how all the technology works in accordance to transfer the payments and exchanging the currency. You can change these currencies globally efficiently.