An Ultimate Guide: Understand Blockchain Technology In 3 Minutes!

This article is for anyone who is curious about the blockchain but has no idea what it is exactly. My goal is to make you understand what blockchain is, which means that there are some simplifications made while writing this. If I could help you understand what blockchain technology is, I would be the happy one…

I am Jenny Joseph, a mentor helping newbies learn about #DeFi World.

Now the question is why do youhave to learn about blockchain technology?

Let me answer this for you: The world is growing rapidly with technological advancements, isn’t that true? And one of the most trending aspects of technology is blockchain, which many businesses are implementing for its many advantageous effects. So why do you want to be the one who does not know about it?

Let me list down a few reasons for its popularity with you:

  1. Prevents scams
  2. High security
  3. No third-party involvement
  4. Data Availability
  5. Rewarding system

What exactly is it, and why is it so popular?

Putting it simply, let’s begin with:

What is Blockchain Technology?

Blockchain is a distributed ledger that consists of growing lists of records, also known as “blocks.” which are securely interlinked with each other using cryptography. where each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. where the time stamp also proves the transaction data existed when the block was created. Since each block contains information about the previous block, they effectively form a chain, with each additional block linking to the ones before it. Eventually, the transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

There are numerous use cases for blockchain technology, such as banking, payment processing, and money transfer, which are among the best blockchain technology applications. The blockchain network enables real-time anonymous in-state transactions.

It can offer an opportunity for the non-trusted parties to reach an agreement about the state of a database without the need for intermediaries, such as banks or financial institutions.

You can learn more about it, including its features and how it works. and many more at Coinpedia.

Coinpedia is the one-stop-shop for all things crypto, with plenty of articles and guides on blockchain, cryptocurrency, crypto economics, security, and more to help you get started on your journey.

It has now become a go-to for all crypto enthusiasts who seek knowledge about anything crypto, and the shocking part is that it’s totally free.

Start your journey or continue with a better ride with Coinpedia, a platform that makes you smarter.

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