Blockchains: The Building Blocks Of Cryptocurrency

By February 26, 2022No Comments

A blockchain is an online shared ledger where transactions are recorded chronologically and publicly. In addition, a blockchain is accessible to everyone and is managed by a peer-to-peer network. A prime example of such a technology can be viewed when observing cryptocurrencies such as Bitcoin, where all of the transactions are made by the users and are stored on the blockchain so that they can’t be tampered with.

Blockchains are effectively any cryptocurrency’s power source. The chain of blocks of which it is comprised of, records all of the transactions and the information within them is then collectively stored on thousands of computers across the globe. What makes them so interesting is the way they function. Blockchains are essentially a chain of software/hardware working together to create a safe and secure environment for online users to trade goods, services, or assets without interference from outside forces.

Thus in a sense, a blockchain is like a massive, global spreadsheet that can be viewed by anyone with the requisite applications on a computer, smartphone or any other relevant electronic device.