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What is blockchain technology?
What is blockchain technology?
1 Answer
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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.
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!