What is Blockchain?
Blockchain is a relatively new and evolutionary technology that came into fruition following Satoshi Nakamoto’s issuance of the Bitcoin in 2008, it is the engine that powers Bitcoin and other cryptocurrencies.
Blockchain is a technology that starts with the way data is being stored. When a data is stored, it is encrypted with a 64-character ‘fingerprint’ or hash that includes a timestamp, thus making this ‘block’ of data immutable and almost impossible to change. Furthermore, any alterations made to this document would result in the formation of a new ‘block’ with a new unique 64-character hash that is ‘chained’ to the previous block via the hash.
Blockchain technology initiated the formation of smart contracts and distributed ledger technology, not to mention that it can be utilized via a public ledger (like Bitcoin and Celo), a hybrid ledger (shared within a company), or be a private ledger (between individuals).
This new technology is finding its way to many industries such as banking, supply chain, and much more. The technology will continue to evolve and expand into other industries as advances in technology and sciences are made.
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