A Layman's Guide to Blockchain Technology

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. 

At its most basic level, a blockchain is a type of shared database that  stores data in blocks linked together via cryptography

What Is Blockchain Technology

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.

How Does Blockchain Technology Work?

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

– Non-fungible tokens or NFTs – Logistic and supply chain network – Data Storage – Casino and gambling industry – Money transfer – Digital royaltie

Other Blockchain applications

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.

How Secure is Blockchain Technology