Blockchain is a type of distributed ledger technology (DLT) that can be used to record transactions or data that are able to be shared among multiple users on a network. The data is stored in blocks that are linked to each other. The blocks are encrypted and chained to make it much harder to modify data. Blockchain is being used in many different ways, including in finance, health care, and real estate.
What is blockchain?
Blockchain is a digital ledger of all cryptocurrency transactions. It is constantly growing as “completed” blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes use the blockchain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
How does blockchain work?
Bitcoin nodes use the blockchain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
How can blockchain be used?
Blockchain can be used to create secure, transparent, and tamper-proof records of transactions. It has the potential to revolutionize many industries, including finance, healthcare, real estate, and supply chain management.