TECH 101 Buzz Words: Blockchain
Basic Understanding
A blockchain is a digital transaction record. The term derives from the structure of the database, in which individual records, known as blocks, are connected in a single list known as a chain. Blockchains are used to record transactions involving cryptocurrencies such as Bitcoin and have a wide range of additional-applications. While blockchain is most recognized for its usage in cryptocurrencies like Bitcoin, Litecoin, and Ether, the technology has a variety of additional purposes. Blockchain can be applied to healthcare systems, property records, supply chains and voting systems Blockchain can enable individuals to pay each other without the involvement of a central entity. Decentralized blockchains are immutable, which means that the data entered is irreversible
Why is it important?
Advantages of Blockchain over Typical Centralized System
- Gets rid of any third parties
- Verification of transactions
- High-security protocols
- Lower costs
- Transparent network system
- Immutable and decentralized
