What Is Blockchain Technology?​

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While most people have heard of blockchain technology, only some are conversant with how it works or even precisely what it is. Blockchain has been described as a digital ledger that cannot be corrupted and can be used to record all kinds of valuable information. To understand blockchain technology, start from the beginning. The technology can be traced to the founder of the cryptocurrency Bitcoin, who goes by the pseudonym Satoshi Nakamoto.

The technology behind Bitcoin is basically Blockchain, and once you understand how Blockchain underpins Bitcoin, you are bound to know how the technology can e transferred for other uses. The Bitcoin blockchain is a decentralized public ledger detailing every transaction that has taken place. The fact that the Blockchain is not controlled by a central authority makes it more secure because it reduces the risks of information being tampered with.

Any data stored on a blockchain is shared (public) and constantly updates itself. As indicated earlier, blockchains are decentralized, so information is public and can be easily verified. Since there is no centralized location where data is stored, the risk of hacking is almost minimal. Additionally, the information can be hosted on millions of computers simultaneously, meaning that it can be accessed by virtually anybody anywhere in the world, provided you have internet access.

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