Business and Management

An Introduction to the Blockchain Technology

Today, technology is reaching new levels of achievement at an astonishingly rapid pace. One of the most recent achievements in this area is the development of Blockchain technology. Technology is revolutionary and has affected the financial sector. It was first developed to support Bitcoin – the cryptocurrency. It is now finding its use in a variety of other fields too.

A distributed database

Imagine a spreadsheet that is electronically created that is copied countless many times over the internet. Imagine that the computer network has been designed with such cleverness that it continuously changes the spreadsheet by itself. This is a general description of Blockchain. Blockchain is an open database. Furthermore, this database is regularly reconciled. For more details, you can head to https://www.syyx.io/.

Image Source: Google

This method comes with its own advantages. It doesn't allow data to be kept in a single place. The data contained in it has real public attributes and is able to be checked easily. Because there's no centralized version of the data the unauthorized users don't have any way to manipulate or damage the data.

It is a Blockchain database that is distributed across the globe and is accessible to millions of computers, which makes the information accessible to anyone on the web. To make the idea or technology more clear It is recommended to go over how Google Docs works. 

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