What Is Blockchain Technology?

Blockchain Technology Explained


Blockchain is a type of digital technology allowing the dissemination of data that’s difficult to alter. A blockchain operates as a time-stamped collection of data records (blocks) overseen by a group of computers, not possessed by any single entity. These blocks are all secure and linked to each other through cryptography (the chain in ‘blockchain’), a series of mathematical equations (algorithms) and secret keys that encrypt the data.

 

This chain is unalterable, making it an extremely secure way of transferring and storing information. Furthermore, as blockchains aren’t centrally-owned, the data it harbours is available for anyone to view, and much more difficult to infiltrate as a result. Blockchain technology is evidently a very effective means of reducing forgery. 




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