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A beginner’s guide to blockchain technology

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In this digitized world, blockchain technology is one of the topics that is bound to turn heads. 96% of financial experts believe that blockchain technology has already achieved mainstream adoption. But is blockchain related to cryptocurrency only? Let’s find out in this beginner’s guide to blockchain technology.

What is Blockchain Technology?

Blockchain is an immutable, distributed ledger used to record transactions and track assets across a network of computers, called nodes. It provides a secure method of storing information that prevents anyone from changing, hacking, or cheating it. The blockchain serves two major purposes to any business or process it is deployed – decentralization and disintermediation. Each node has a copy of the blockchain database, which removes any single point of failure. All the nodes validate the transactions before storing them into blocks, removing the need for a central party. Transactions on a blockchain happen directly between nodes or network participants, removing the need for any middlemen.

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