Blockchain Definition

What is Blockchain Technology?

Nakamoto devised blockchain technology for use in the digital currency market. However, the increased popularity of these cryptocurrencies led to the improvement of blockchain. Presently, innovators and developers have noted that it can be used in different areas of commerce. Blockchain definition is a digital ledger that is managed by many computers. It functions similarly to a network.

The ledger is shared and cannot be changed unless all the computers signal the modification through a verification process. It is only until a newly generated piece of data, known as a block, has been verified that it is added to the chain.

This open nature implies that anyone can access the information contained therein, thereby making it a transparent inclusion in any form of transaction. Further, it is impossible to falsify the data contained in the chain. This is because this process would require the inaccurate modification of the entire chain.

Besides supporting cryptocurrencies, blockchain definition also supports additional technologies. These include CryptoKitties and crypto-collectibles.

The former was developed to aid users to have a feel of what the underlying technology entails. It is based on art whereby the user creates a personalized form of art. It is essentially a game that results in the creation of a Kitty.

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