Friday, January 27, 2023

Blockchain Explained

In simplest terms, blockchain is explained as a global distributed ledger made of data blocks sequentially linked in a chain. The Bitcoin blockchain’s unique characteristics stem from merging cryptography and transparency within a distributed technological framework. Bitcoin transactions between two parties occur within a global peer-to-peer network without needing to rely on third-party authentication.

Blockchain technology tackles the problem of digital trust by securely recording important information in a public space. Data stored on the blockchain exists in a shared and continually reconciled state, and the data is decentralized, can be encrypted and timestamped—but it cannot be tampered with nor changed retrospectively.

Learn everything you need about Bitcoin and blockchain from CoinGeek’s ultimate resource guide:

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