Blockchain

What Is Blockchain

Blockchain is basically a type of digital ledger or database that information or data of transactions can be stored in and is also distributed on a network of computers that check and verify the validity of these transactions before they are being added to the chain as new blocks. These computers are called nodes.

It is this technology that is used to power and secure cryptocurrencies like bitcoin, cardano, ethereum and many others through a process known as cryptography. For example, the Ethereum blockchain contains recorded informations of transactions made on it, informations such as "sent from who", "sent to who" and "amount sent", this information is stored in a block and is then cryptographically linked to the previous block that went before it.This process makes it very next to impossible to alter or tamper with the informations stored in a block. This entire process makes it possible to store and transfer value accross the globe without the need to trust a third party middleman {usually a bank or credit card issuer}.

Blockchain advantages includes but are not limited to the following:

• Because almost all cryptocurrencies like bitcoin, ethereum, cardano, and Litecoin, are secured by blockchain networks, transaction validity and accuracy on these networks are being verified and validated by a large number of nodes on the network.

• This kind of technology is also very usefull because it does not let a single individual or corporation dictate when, how, why and where you should spend your funds as such decisions are being made by everyone on the network.

• Payments done via blockchain networks are more secure and requires little to no sensitive information unlike traditional banks where your name, address, phone number, email and other sensitive informations are required just to send a payment. This level of security is only possible due to the cryotographic nature of these networks.

• That means there is almost zero to no risk of your financial information being compromised, or your identity being stolen by the bad guys.

Imagine a global, open alternative to every financial service you use today, accessible with little more than a smartphone and internet connection.

written by hamza muhammed IG https://www.instagram.com/zanni__x/