What is blockchain technology?

A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.

Posted by Blogiy.com

The Bitcoin Network is the first successful implementation of 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 key encryption and 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.

The potential for blockchain technology is not limited to bitcoin. As such, it has gained a lot of attention in a variety of industries including: financial services, charities and nonprofits, the arts, and e-commerce.

To learn more about the inner-workings of the Bitcoin Network, check out this article.

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