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A Beginner’s Guide to Blockchain Technology And Cryptocurrencies
Blockchain is a distributed ledger technology that allows digital information to be distributed but not copied. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems in the blockchain. This creates a decentralized database that is transparent and secure.
Blockchain technology is most widely known for its connection to cryptocurrencies like Bitcoin, but it has many other potential applications as well including smart contracts, supply chain tracking, voting systems, and more. As blockchain continues to develop, it has the potential to disrupt many industries.
How Blockchain Works
A blockchain collects information together in groups known as blocks, which hold sets of information. The blocks have certain storage capacities and when filled, are chained onto the previously filled block, creating a chain of data known as the “blockchain.”
This chain of blocks is constantly growing as new blocks are added to the chain. The blocks keep an immutable record of the transactions taking place on the blockchain network. Each block contains a timestamp and a link to the previous block, so the data in any given block cannot be altered retroactively. This creates an audit…
