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Imagine a world in which you can do transactions and many other things without having to give your personal information. A world in which you don’t need to rely on banks or governments anymore. Sounds amazing, right? That’s exactly what blockchain technology allows us to do. It’s like your computer’s hard drive. blockchain is a technology that lets you store data in digital blocks, which are connected together like links in a chain. Blockchain technology was originally invented in 1991 by two mathematicians, Stuart Haber and W. Scot Stornetta. They first proposed the system to ensure that timestamps could not be tampered with. A few years later, in 1998, software developer Nick Szabo proposed using a similar kind of technology to secure a digital payments system he called “Bit Gold.” However, this innovation was not adopted until Satoshi Nakamoto claimed to have invented the first Blockchain and Bitcoin. A blockchain is a distributed database shared between the nodes of a computer network. It saves information in digital format. Many people first heard of blockchain technology when they started to look up information about bitcoin. Blockchain is used in cryptocurrency systems to ensure secure, decentralized records of transactions. Blockchain allowed people to guarantee the fidelity and security of a record of data without the need for a third party to ensure accuracy. To understand how a blockchain works, Consider these basic steps: Let’s get to know more about the blockchain. Blockchain records digital information and distributes it across the network without changing it. The information is distributed among many users and stored in an immutable, permanent ledger that can’t be changed or destroyed. That’s why blockchain is also called «Distributed Ledger Technology» or DLT. Here’s how it works: And that’s the beauty of it! The process may seem complicated, but it’s done in minutes with modern technology. And because technology is advancing rapidly, I expect things to move even more quickly than ever. Even though blockchain is integral to cryptocurrency, it has other applications.
