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What is the Blockchain and how does it work?

  • 11 days ago

When it comes to the most popular technological trends of the 21st century, blockchain seems to be cementing its status as one of the frontrunners. The whole concept of the blockchain was first developed in order to support Bitcoin, a kind of cryptocurrency. However, the blockchain has grown to become the primary source of power for numerous cryptocurrencies and could potentially be the central hub for the future of all online transactions. Many developers are working hard on integrating the concept of the blockchain into various fields such as medicine, art, fashion, and finance. In this article, we are going to go over what the blockchain is, how it works, and how it can be applied to everyday life.

What is the Blockchain?

Think of the blockchain as a digital ledger that takes note of different transactions that are conducted via the internet. This ledger is maintained by a network of different computers, thereby making it difficult to hack or manipulate. Since the responsibility of maintaining the ledger is spread out across computers all over the world, any kind of currency that is built on blockchain technology is often referred to as decentralized finance. With standard fiat currency that continues to be the mainstream financial language of most people today, money is typically regulated by governing bodies and centralized agencies. However, with blockchain technology, all financial transactions that take place are more democratic in nature since everyone plays a part in securing the digital ledger without the intervention or oversight of a government, bank, or any kind of authoritative body.

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