What is Blockchain Technology?

In just a couple of month, Blockchain Technology has created all sorts of buzz around the world. If you are questioning, “What is Blockchain?”, you are not alone. Blockchain is a digital ledger or collection in which transactions made in cryptocurrencies are recorded chronologically and publicly. In other words, it is a secure system that houses the exchange of cryptocurrencies in chronological order. This is important to state because it factors into how blockchain is used.

Blockchain is currently used by various people around the world. It works by separating each transaction into a block. Once a new transaction occurs, the new block is attached to the previous block. If you haven’t caught it already, it’s a blockchain! Each blockchain has a private key, which is basically a password for exclusively to you. With this private key, you can access your currency to spend. For every account as well, there is a public key in which the public can send cryptocurrency your way.

Additionally, the blockchain is transparent as stated earlier. This means that the blockchain remains within the network, therefore it is public. Due to the nature of the blockchain, with each block linking to one another, it is near impossible for it to become corrupted. For someone to try to take over the blockchain network means that they must decrypt one block after another. In actuality the blocks are incredibly long and tough to crack.

With the incredible structure of blockchain, the future seems promising. As individuals have spent their investments into blockchain and cryptocurrency, businesses have not turned a blind eye. Many business are now allowing for customers to pay with a cryptocurrency called, “Bitcoin”! Some businesses to note that have allowed for this to happen are Subway, KFC Canada, Microsoft and so much more! The future for blockchain is unpredictable to be exact, however everyone is anticipating for integration of this great technology! Be aware as the Blockchain Technology continues to emerge!