Blockchain is one of the most eminent emerging technologies, and has made an impact worldwide! As of now, a lot of people from various industries are trying to figure out the use of blockchain within their industries. So let’s start by understanding what blockchain technology is.
Blockchain technology is the basic foundation of cryptocurrency. However, the technology is not limited to just the crypto-verse. It’s got a lot of potential across various fields. To lay it on the table for you guys, Blockchain is a ledger system that basically connects blocks of data. This data is tamper-proof. Today, blockchain has successfully made its mark in the field of Fintech and health. If you need more information on blockchain technology then you can go for brand like Applicature.
One of the most promising uses of blockchain is using smart contracts. These contracts do not require any third-party involvement to record the contract.
How Does Blockchain Work?
Like I mentioned above, A blockchain is a distributed database, running on multiple computers. It is essentially a distributed technology and is completely open-source. What do I mean by open source? This primarily means that anyone has the power to change the underlying code and see what exactly is happening within the blockchain.
Blockchain technology makes use of cryptography. What does that mean? Blockchain making use of cryptography that enables the distributed ledger, to record transactions or any other information. Information could be in terms of transactions, in terms of who married who and, also in terms of who sold what property to whom.
When we talk about blockchain in accordance with transactions, the ledger enables us to make multiple transactions without actually knowing the source.