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What is Blockchain Technology? A Step-by-Step Guide For Beginners

Posted by Venkatt Guhesan on January 1, 2017

blockchain_smlBlockchain technology is not a technology solely for Bitcoin but rather a creative way to keep a digital ledger of economic transactions. This technology can be applied in a variety of fields such that the chain cannot be owned by a single entity and has no single point of failure. It provides a backbone with transparency and incorruptibility. Imagine a world where every transaction, whether it is a real-estate property transaction or a work-contract or an acknowledgement receipt of a email or an acceptance of work or payment or a medication delivery system releasing a medication into a patients blood-stream can be recorded such that it is indisputable and irrevocable. Furthermore, tampering a single unit or transaction in this chain of information will require a huge amount of computing power.

To learn more about Blockchain see the following article on BlockGeeks:

What is a blockchain technology?
http://blockgeeks.com/guides/what-is-blockchain-technology/

 

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