What is blockchain technology?

 


What is blockchain technology?

 The term “blockchain technology” typically refers to the transparent, trustless, publicly accessible ledger that allows us to securely transfer the ownership of units of value using public activities in converting data or information into code, through the proof of work methods.

The technology uses decentralized consensus, to maintain the network, which means it is not centrally controlled by a bank, corporation, or government. In fact, the larger the network grows and becomes increasingly decentralized, the more secure it becomes.

 What is cryptocurrency? 

The word “cryptocurrency” is derived from “encryption techniques” which are used to secure the network. 

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.

 Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.

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