A beginner’s guide to blockchain technology

In this digitized world, blockchain technology is one of the topics that will attract attention. 96% of financial experts believe that blockchain technology has already achieved mainstream adoption. But is blockchain related only to cryptocurrencies? Let’s find out in this beginner’s guide to blockchain technology.

What is Blockchain technology?

Blockchain is an immutable, distributed ledger used to record transactions and track assets across a network of computers, called nodes. It provides a secure method of storing information that prevents someone from changing, hacking, or misleading it. The blockchain has two main purposes for any business or process that is implemented: decentralization and disintermediation. Each node has a copy of the blockchain database, eliminating any single point of failure. All nodes validate transactions before storing them in blocks, eliminating the need for a central party. Transactions on a blockchain occur directly between nodes or network participants, eliminating the need for intermediaries.