What is Blockchain Technology & How Does It Work?

The block chain is a centralized ledger of all transactions across a peer to peer network. Participants can now confirm the transactions without a central certifying authority.

Block chain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the block chain cannot be controlled by any single entity and has no single point of failure.

Bitcoin is the name of the best known cryptocurrency, for which block chain technology was invented it utilizes blockchain to keep up its open record of each and every exchange at any point made with Bitcoin. Block chain isn’t a single technology. Rather it’s an architecture that allows disparate users to make transactions and then creates an unchangeable record of those transactions.

Fullestop presents the infographic where you can see about Blockchain Technology and its benefits.