Blockchain in the simplest terms is a centralized ledger of all transactions across a peer to peer network. Participants on blockchain can confirm the transactions without a central certifying authority. Blockchain technology is like the internet in that it has built-in robustness. By storing blocks of information that are identical across its network, blockchain cannot be controlled by any single entity and has no single point of failure. Scientists and technologists alike are discussing how blockchain can innovate already existing fields like fintech, banks, cybersecurity, retail business, supply-chain and even medicinal services.
Blockchain was developed to facilitate first digital money – Bitcoin (which at this point, is known by almost everyone). Blockchain stores an open record of all the Bitcoin transactions, which keeps on growing exponentially. Blockchain is the fundamental innovation behind all digital forms of money like Bitcoin.
If you like above article then Bloqtimes recommends below articles which might be of interest to our readers.
• How to Buy Your First Bitcoin Using Coinbase
• What is a Digital Wallet, Hardware Wallet, Web Wallet and Paper Wallet?
• What is Blockchain and How Bitcoin Works
This article is contributed by Fullestop and has been published after permission.
Like this article, then support us by sharing it with your friends on social media and feel free to leave any thoughts & feedback in the comments section. If you have any questions or suggestions shoot an email at: contact@bloqtimes.com
Don’t forget to Follow us on Twitter and Facebook for latest Bitcoin, Blockchain & Crypto News.
The post Blockchain Explained For Common Man – Infographic appeared first on Bloqtimes.
From: Bloqtimes
Source Description:
