Main menu


Understanding the basics of blockchain technology

Blockchain technology is a digital ledger
that records transactions in a secure
 and transparent manner. It was
first introduced in 2008 as the underlying technology for Bitcoin, and
has since been used for other cryptocurrencies and applications.

At a high level, a blockchain is a decentralized database
that is constantly updated and maintained by a network of computers.
Each block in the chain contains a set of transactions, and once a block
is added to the chain, it cannot be altered or deleted. This makes the
blockchain an immutable and tamper-proof ledger.

To add a block to the chain, a network of computers must first verify the transactions in the block. This is done through a consensus mechanism,
which is a set of rules that determine how consensus is reached. The
most common consensus mechanism is called proof-of-work, which requires
computers to solve complex mathematical problems to add a block to the

Once a block is added to the chain, it is replicated across the
network of computers, making it nearly impossible for any single entity
to manipulate the data. This makes the blockchain a highly secure and
transparent way to record transactions.

In addition to cryptocurrencies, blockchain technology can be used for a variety of applications, such as supply chain management, voting systems, and digital identity verification.
Its potential uses are still being explored, and many experts believe
that it has the potential to revolutionize industries and change the way
we interact with each other online.