Blockchain technology
Blockchain technology is a digital ledger system that is designed to be secure, transparent and decentralized. It is essentially a database that is maintained by a network of computers or nodes, rather than a central authority.
The core idea behind blockchain technology is to create a distributed database that records transactions and information in a secure and tamper-proof way. Each block in the chain contains a record of multiple transactions, and each block is linked to the previous block through a cryptographic hash function. Once a block is added to the chain, it cannot be altered or deleted without also altering all subsequent blocks in the chain, making the system highly resistant to tampering and fraud.
Want to know more about the blockchain and limitations of blockchain technology
Blockchain Cryptocurrency
Blockchain is a distributed digital ledger technology that allows for secure, transparent and decentralized record-keeping. It is essentially a database that is maintained by a network of computers or nodes, rather than a central authority. Each block of data in the chain is timestamped and linked to the previous block, creating an immutable and tamper-proof record.
Cryptocurrency is a type of digital currency that uses cryptography to secure and verify transactions and to control the creation of new units. Cryptocurrencies are often based on blockchain technology, and they use public and private keys to encrypt and decrypt transaction data. Some well-known examples of cryptocurrencies include Bitcoin, Ethereum, and Litecoin.
The use of blockchain technology allows for cryptocurrencies to be decentralized, meaning they are not controlled by a single central authority or government. Instead, they are maintained by a distributed network of computers that collectively verify and record transactions. This decentralization also makes cryptocurrencies resistant to censorship, as there is no single point of failure that can be shut down or controlled. However, the anonymity and lack of regulation associated with cryptocurrencies have led to concerns about their potential use for illegal activities such as money laundering and terrorism financing.
