Blockchain technology : Cyptocurency And Mining
Understanding Blockchain Technology Blockchain technology has emerged as a revolutionary concept in recent years, finding applications far beyond its initial association with cryptocurrencies. But what exactly is blockchain, and how does it work? In essence, blockchain is a sophisticated database system. Unlike traditional databases, however, blockchains are decentralized , meaning they are not controlled by a single entity. Instead, a blockchain is distributed across a network of computers, each acting as a node. This network maintains a shared ledger of information, ensuring transparency and security. Here's a breakdown of the key features of blockchain technology: Decentralization: As mentioned earlier, blockchains are not overseen by a central authority. This eliminates the need for intermediaries and fosters trust among participants in the network. Immutability: Transactions recorded on a blockchain are permanent and tamper-proof. Once a block of data is added to ...