Iciuta. Blockchain is a decentralized digital ledger of transactions maintained over time and protected by cryptography. Data on the blockchain is dispersed over a network of computers. Users can interact with stored data in real-time without requiring an intermediary or vendor to verify transactions. The technology creates an autonomous, tamper-proof, and transparent platform for blockchain users to store, transport, and process sensitive data in a secure manner. How does blockchain technology work? A blockchain is a digital ledger where several sources verify each entry before being added to the data chain. In blockchain technology, each block is given a cryptographic hash, which means it contains a unique string of letters and numbers (also referred to as a “fingerprint”). Blockchain technology uses a combination of cryptography and time-stamps to guarantee that this progressive hash sequence never changes automatically.
Transactions on the blockchain: Take note of the following key benefits: