Blockchain is one of the well-known technologies used in the cryptocurrency domain. Cryptocurrencies are known as digital tokens or currencies and some of them include Bitcoin, Litecoin, Ethereum that can be purchased from the best bitcoin exchange in India. When compared with digital forms of cash, cryptocurrencies are currently used to buy anything and it is widely accepted by the merchants across the world. When compared with cash, cryptocurrencies make use of blockchain technology that acts as a public ledger with an improved cryptographic security system; this is where the online crypto and nft will transactions carried out are always secured and recorded.
What is blockchain?
A blockchain is known as a distributed ledger that consists of transactions that are carried out across the computer network of blockchain. Every block contains several transactions and when there is a new transaction that takes place on the blockchain,Guest Posting a record about the transaction is added to the participant’s ledger. The decentralized database that is managed by several participants is known as DLT (distributed ledger technology). Blockchain systems record information and it is difficult to change, impossible to hack or attack the system. Blockchain uses distributed Ledger technology where the transactions are recorded using cryptographic signatures known as a hash.
Features of Blockchain
Here are the important features of Blockchain –
Blockchain is considered as a database that has encrypted blocks of data that are stored in chains in the form of the chronological order of data.
Cryptocurrencies are distributed rather than transferred, by creating an immutable ledger of the asset. This set is decentralized that allows full-time access and it is transparent in its public operations.
This transparent ledger preserves the integrity of the document that creates trust about the asset. Blockchain security measures and its public ledger makes it the best technology to be adopted in every sector.
Even though Bitcoin is public through the use of blockchain technology, it cannot tamper. Bitcoin does not have any physical presence, so the user cannot protect Bitcoins by preserving them in a safe or anywhere else.
How does blockchain work?