What is Cryptocurrency & Blockchain Technology?


A cryptocurrency is a digital or virtual currency that uses cryptography for security. Cryptocurrencies are decentralized systems that allow for the creation of digital assets through the use of a blockchain, a distributed ledger technology. This means that transactions made with a cryptocurrency are recorded and stored across a network of computers, making it difficult to manipulate or falsify the records. Bitcoin, the first and most widely-used cryptocurrency, was created in 2009. Since then, thousands of different cryptocurrencies have been created, each with their own unique features and use cases.

Cryptocurrency & Blockchain Technology
Cryptocurrency & Blockchain Technology

Blockchain Technology

A blockchain is a decentralized, digital ledger that is used to record transactions across a network of computers. It is essentially a chain of blocks that contains information, and once a block is added to the chain, the information in that block cannot be altered. 

Each block in a blockchain contains a number of transactions, and every time a new transaction is added to the network, a block is created to hold those transactions. These blocks are then added to the existing chain of blocks in a linear, chronological order. 

The decentralized nature of blockchains means that there is no central authority controlling the ledger, and it allows for a high degree of transparency and security. Because transactions are recorded across the entire network, it is difficult for any one party to manipulate or corrupt the system.

 Blockchain technology is used in a variety of applications such as cryptocurrencies, smart contract, supply chain management, and voting systems. And also the technology is in evolving stage, lot more use cases are yet to come.

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