The word blockchain seems quite familiar and it feels like we have heard its name a lot of times while discussing bitcoin, crypto currency and so on. Is a blockchain some sort of cryptocurrency? The answer for this is No. Then what it could be so, today in this blog we will discuss what is blockchain and about its working.
What is Blockchain?
Blockchain is basically a decentralized, distributed and public distributed ledger which is used for keeping the records of transactions across a lot of computers as to make sure that the records maintained cannot be altered without the alteration of subsequent books.
In simple language we can say blockchain is a process through which books or records for maintaining the cryptocurrency account is done. It is basically a blockchain of sharedbase data and ledger. There is also a company which follows the blockchain system which is known as blockchain.com who works for crypto currency.
About Blockchain.com:-
Blockchain is a company which has its own website where financial services have been provided with regard to crypto currency. Blockchain is also known as Blockchain.com.
The company was established in 2011 as the first bitcoin blockchain explorer and further in 2012-2020 it has become the company which owns 28% of the bitcoin transaction in cryptocurrency wallet.
The headquarters of this company is located in Luxembourg.
Why is Blockchain used for?
Blockchain is being used for providing decentralized peer-to -peer networks to various things as it helps in getting connected with other computer systems. This technology is being used in tolls, parking and so on. It has also been beneficial for various apps such as ola, Uber, Airbnb, Zomato and so on.
It has been a great use in healthcare departments for keeping the records and securing confidential patient data.
Now, before moving ahead on this blog here I would like to request all my readers to please write a post to us just like we did on the topic Blockchain write for us Sharing their views and opinions with respect to blockchain with us.
Blockchain - A Cryptocurrency
Why the term blockchain is always associated with cryptocurrency although we know it is not a type of cryptocurrency. Blockchain is being always associated with cryptocurrency as it is a system of distributed database and ledger with different computers across the world. This is one of the best systems used for maintaining the cryptocurrency transactions and therefore, it has become popular worldwide for playing a crucial role in cryptocurrency transactions and hence, being associated with crypto currency although it is being used in many other transactions and services as well.
Therefore, in the end we would like to conclude by saying that blockchain has its own emerging exposure in keeping the database connected across the computer nodes worldwide which is beneficial in a lot of business professions and transactions. So, it will be quite great if people understand its benefits and try to use this technology in their business areas as per their requirements with connecting their ledger accounts across different computer nodes securely.