By now, almost everyone has heard of the term cryptocurrency. You may have even considered investing in it. Moreover, a common term you’ve probably heard several times in the past few months is blockchain technology.
Even though blockchain technology has been around for more than a decade, people have only recently noticed it because of its potential uses in various industries.
As new data comes in, it goes into a new block. Once the block fills up with data, it gets chained onto the previous block, which makes the data chained together in chronological order.
The most popular application for blockchain technology is in the financial sector. People can use blockchain to streamline transactions and reduce costs.
What are Some Popular Applications for Blockchain Technology
The fact that blockchain technology is decentralized is what makes it so secure. Because there is no central point of control, there is no single point of failure.