Blockchain technology is new revolutionary way to record transactions. Unlike a classic bookkeeping ledger that is managed, verified and validated by one central authority and stored in one place, blockchain stores all transaction data in the data block (hence term “blockchain”) of the digital ledger and are available in real time to anyone with access to the blockchain for independent verification.
All the records are stored in chronological order and once validated and posted it cannot be changed, creating highly efficient and secure record that can be accessed by blockchain user anywhere and anytime, without the need for central administrator
Most common use of blockchain technology that is familiar to most people is crypto currency transactions, but has much more applications than that. It can be used to transmit a encrypted messages in highly secure environment, it can store and transmit logistic data, create and store tokenized assets like for example deed to your house, identity data, health data, etc.
Next time someone pitches you a crypto project, ask what problem the blockchain actually solves that a regular database couldn’t, the list of applications grows with every passing week.
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