Blockchain is the technology behind cryptocurrencies, but its applications go far beyond. Here's how it works.
What is Blockchain?
A blockchain is a distributed database shared across many computers. Once data is recorded, it cannot be altered—creating an immutable record of transactions.
How It Works
- Transaction is requested
- Transaction is broadcast to network
- Network validates the transaction
- Transaction is combined with others into a block
- Block is added to the chain
- Transaction is complete
Why Blockchain is Secure
- Distributed: No single point of failure
- Cryptographic: Secured by advanced math
- Immutable: Cannot change past records
- Transparent: Anyone can verify
Beyond Cryptocurrency
- Supply chain tracking
- Voting systems
- Identity verification
- Healthcare records
- Real estate titles