What is blockchain technology?

2 votes
Anonymous User asked 16-Nov-2017 in Technology by Anonymous User
What is blockchain technology?

2 Answer

1 votes
Anonymous User answered 04-Jan-2018 by Anonymous User

Blockchain technology is based on the chain of transaction blocks and the information and details which are in regards to these transactions are updated on all devices in the world simultaneously. In simple words, Blockchains could be understood as an automatically notarized ledger.

What is blockchain technology?
Blockchain works by keeping records of the history of transactions or asset transfers in the form of blocks. These blocks are then instantly linked with each other through a cryptographic validation which is called hashing function and then it becomes a hash-linked chain.

By use of this technology, no mediator or any third parties are needed in ensuring the authenticity of transactions, and it can only be confirmed by the parties involved and organized through communication of “smart” electronic devices. So, you don’t need a trusted service provider any longer and can keep away from capital being tied up in disputes!

0 votes
Zodeak Technology answered 05-Dec-2019 by Zodeak Technology