BLOCKCHAIN AND WHAT YOU SHOULD KNOW ABOUT IT?

Blockchain, also known as Distributed Ledger Technology (DLT), uses decentralization and cryptographic hashing to make the history of any digital asset unalterable and transparent.

A Google Doc is a good analogy for understanding blockchain technology. When we produce a document and share it with a group of individuals, instead of being duplicated or transferred, the document is dispersed. This provides a decentralized distribution chain in which everyone has simultaneous access to the document. No one is locked out while waiting for another party to make changes, and all changes to the document are logged in real time, making them entirely transparent.
Of course, blockchain is more involved than a Google Doc, but the comparison is useful because it highlights three key concepts:

A QUICK OVERVIEW OF THE BLOCKCHAIN

A blockchain is a database that holds encrypted data blocks and links them together to produce a single source of truth for the data.
Instead of being duplicated or transferred, digital assets are dispersed, resulting in an immutable record of the asset. The asset is decentralized, enabling complete real-time access and transparency to the public.
The integrity of the document is preserved via a transparent ledger of changes, which builds trust in the asset.
The inherent security mechanisms and public ledger of blockchain make it an ideal tool for practically every industry.

Blockchain is a particularly promising and revolutionary technology because it reduces risk, eliminates fraud, and provides scalable transparency for a variety of applications.

WHERE DOES CRYPTOCURRENCY COME FROM?

Cryptocurrencies are digital currencies that record and safeguard transactions using blockchain technology. A cryptocurrency (for example, Bitcoin) can be used to pay for everything from ordinary things to major purchases such as cars and houses. It can be purchased with one of several digital wallets or trading sites, then digitally transferred following the purchase of an item, with the transaction and new owner being recorded on the blockchain. The allure of cryptocurrencies is that everything is recorded in a public ledger and encrypted using cryptography, resulting in an irrefutable, timestamped, and secure record of every transaction.

There are over 6,700 cryptocurrencies in the globe with a total market cap of nearly $1.6 trillion, with Bitcoin accounting for the majority of the value. Over the previous few years, these tokens have grown in popularity, with one Bitcoin being worth $60,000.

Because each cryptocurrency has its own irrefutable traceable number that is linked to one owner, the security of blockchain makes theft considerably more difficult. Crypto eliminates the need for personalized currencies and central banks. With blockchain, crypto may be transmitted to anybody, anywhere in the world, without the requirement for currency conversion or central bank intervention.

Cryptocurrencies have the potential to make some people wealthy. Speculators have helped some early adopters become billionaires by driving up the price of crypto, particularly Bitcoin. Whether this is beneficial or not has to be seen, as some critics argue that speculators aren’t thinking about the long-term benefits of crypto.

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