Blockchain : Why was Block-chain technology created? Why is it so valuable?
According to resources, block-chain technology was created to serve as a public ledger for the transactions of electronic cash. This transaction is peer-to-peer, so there is no need for any middlemen. Not only this but it gives a secure transaction and maintains all the records of the transaction that have ever happened. Strong computer codes/ sequence of characters ensure that the information is secured and no one can make changes in the document making it a trustworthy source for its users. Talking about block-chain and not bitcoin is just like asking a question without putting a question mark. Bitcoin is the very first application of block-chain, you can make many different applications on block-chain. Not only bitcoin but many other crypto-currencies are based on block-chain technology.
What the internet did for communications, the blockchain will do for trusted transactions.” — Ginni Romettey, chairman, president, and CEO of IBM.
What is the Blockchain?
A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency’s block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
Author: MariumAlvi
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