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What is Blockchain technology? Short definition

Following the rise of cryptocurrencies, especially bitcoin, many have wondered what blockchain technology is. Here is the answer.

For some, however, its understanding has been complex.

What is blockchain?

What does the term bloackchain mean? Therefore, the purpose of this article is to provide the reader with a succinct but clear definition of Blockchain technology. To do so, it is necessary to begin by specifying that this technology is a particular species, a subset, of Distributed Ledger Technology (DLT).

How does blockchain work?

This distributed ledger technology is a decentralized database or commonly called the blockchain, in which data is recorded, shared and synchronized across a distributed network of computers or participants.

This family of distributed ledger technologies (DLT) allows parties, who do not trust each other, to exchange any type of digital data peer-to-peer without an intermediary.

What can be sent via blockchain?

The data may represent money, insurance policies, contracts, property titles, medical records, birth and marriage certificates, purchase and sale of goods and services, or any other type of transaction or asset that can be translated into a digital format. Most importantly, the most secure transactions are made through blockchain technology, as it does not allow any traces to hackers.

conclusion of blockchain

In short, Blockchain technology is a decentralized database that works through a blockchain  and therefore completely open to anyone who has access to the Internet. It differs from other distributed ledger technologies in that it uses cryptographic techniques to record and synchronize data in “block chains” and thus prevent data from being manipulated.

more detailed information can be found at www.blockchain.com

Written by: Alejandra Cardona Mercado

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