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Cryptoknowmics 2022-01-31 17:30:37

Essential Blockchain Technology Concepts You Need To Know

Blockchain technology is simply defined as a digital ledger of transactions that is duplicated and distributed across the computer network. By inherent design, the data on the blockchain cannot be modified or hacked which makes it a legitimate technology to be used for industries such as cybersecurity, payments, healthcare, and more. Each transaction is recorded on something called blocks in several databases, or the ‘chain,’ in a network connected by peer-to-peer nodules. Every transaction in the digital ledger is authorized by the owner’s digital signature, which authenticates the transaction and protects it from meddling. As a result, the data stored in the digital ledger is exceptionally protected. In simpler terms, the digital ledger is similar to a specific computer program that is shared across many computers in a network and stores transactional records that support actual purchases. The intriguing aspect is that everyone can see the data, but they can’t change it. Reason for its Popularity Even though there are some conflicting feelings about this technology, none can deny its importance in the international economic world. The technology first gained popularity because of Bitcoin. Blockchain technology isn’t only a backup network for coins; it has a lot more to offer. As we said, whatever blockchain innovation we see now is actually because of Bitcoin. But it is imperative to know other related concepts of blockchain...

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Essential Blockchain Technology Concepts You Need To Know

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