What is Blockchain Technology?

What-is-Blockchain-Technology

Thanks to all the latest technologies, we are witnessing a time where many things are becoming real that once seemed impossible.

Today, technologies have made our world a better and secure place where it is possible to imagine even impossible things. Amidst the various technologies and digital transformation, the one technology that has made its mark amongst the users with all positive influence is – Blockchain Technology.

However, most people are still confused about this trending technology and thus, are not able to make the most of it. 

Are you one of those who fail to understand this technology?

If yes, then you are at the right place. Let us try to throw some light on Blockchain technology so that more and more people can utilize its benefits.

So, without any further delay, let’s begin with the understanding of blockchain technology.

Blockchain Technology

In simple words, the blockchain technology refers to transparent account books that are publicly accessible and allow safe and secure transfer of ownership of some unit values (such as currency) with the help of public-key encryption and proof of work methods.

You can also see the blockchain technology as a growing list of records or blocks that are connected and linked together with the help of cryptography. Every block present in the chain also contains:

  • A cryptographic hash of the previous block
  • A timestamp
  • Transaction data

Blockchain technology relies on the use of a decentralized structure for maintaining a smooth work network. As the blockchain network increases, it becomes more decentralized and thus, results in being more secure than anything else. 

This ensures people that this technology is not controlled by any single entity like banks, government, or corporations.

Are Bitcoins and Blockchain Technology the Same?

Well, many people often confuse Bitcoins with Blockchain technology. However, the scope and potential of Blockchain technology is not just limited to Bitcoins.

Blockchain technology has gained attention in several industries like:

  • Financial services
  • Arts
  • E-commerce
  • Charities and non-profits

Is Blockchain Technology Secure?

If you still have any doubts related to the security of the Blockchain technology, then you can now forget all your worries.

Blockchain technology is one of the safest technologies that offer a secure network to all the people associated with it. 

How Are We So Sure?

First of all, all the new blocks added to the blockchain are added in the end. This ensures the safety and authentication of all the previous blocks available in the blockchain that will always remain unaltered and unchanged in any which ways.

Other than this, all blocks added to the chain contain its own hash along with the hash of the previous block. All these hash codes are created with the help of digital information using mathematical functions. It is quite impossible to change these hash codes. This makes the chain secure and safe with every addition.

Furthermore, since there are millions of identical copies available of the blockchain, any change made in the existing chain can easily be identified and thus, corrected for secure transactions in the future.

Conclusion

Blockchain technology holds immense potential that can be used for successful growth and expansion of businesses without compromising the security or transparency of the transaction. 

This technology will be shining bright in the coming future with many businesses relying on the same.

Genesis Team

Genesis Team

Leave a Reply

About Us

We understand that digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. It’s also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure.

Recent Posts

Sign up for our Newsletter

Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit

Get In Touch