BlockChain Technology

Advantages of BlockChain Technology


What is Blockchain?

A database or a ledger that maintains a continuously growing list of data records or transactions.

Blockchain is a secure distributed electronic database or ledger, connecting multiple parties in a network of trust and integrity, facilitating the continuously growing list of data records or transactions. It was initially created as the means by which Bitcoin could be legitimized as genuine electronic currency after the seismic events in the financial world that lead to the global financial crisis in 2008.

It does this by securely recording digital transactions in a sequential chain using cryptographic digital keys, which are verified by the network as authentic. Duplication, editing or removal of transactions is prevented by the chain, which is held on everyone’s computer on the network. The longer the Blockchain and the wider the network the more complex the digital key, and hence the more secure the Blockchain.

So, it's a spreadsheet, like Excel?

In a way yes, but it has a special qualities that make it better than traditional database.