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.

blockchain-technology

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Rahul Setia was born and raised in the Kaithal, Haryana. He worked at brands like Jabong, ProProfs etc. He was also in the List of Top 100 Social Media Influencer's 2019 by Status Brew. He lives in Delhi/NCR and is a Digital Gig & Founder of Websites i.e TechBlogCorner.com, ViralMasalla.com, DealorCoupons.com. Follow me on: LinkedIn, @rahulsetia007 and Facebook.

2 thoughts on “What is Blockchain Technology & How Does It Work?”

  1. Trust & Security is the biggest concern in our technological world because data is always vulnerable over the internet. The blockchain is an ingenious invention of the 21st century that took a completely different approach to store, protect data & establish trust. The conventional way of storing data is to store it on centralized servers and provide service from it but that information is not trustworthy.

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