It's an innovative system that has the potential to revolutionize how transactions are recorded,
stored, and transferred today. But before we dive deep into it, let's first go over the basics.
First of all, what is Blockchain Technology? Put simply, it's a distributed ledger technology that
enables peer-to-peer transactions without using a centralized authority. To put it another way,
blockchain is a digital ledger of economic records that is shared among participants and constantly
updated in real-time. It works on the concept of decentralization, meaning that data is shared and
stored on an interconnected network of computers instead of being held in one central location.
The data stored on this network is immutable, meaning that once the data is added it cannot be
altered or changed; this ensures that all records remain accurate and secure at all times.
Furthermore, authentication methods such as cryptography are used to verify each transaction
within the distributed ledger for added security measures.