Nowadays, cryptocurrency is perceived as a means of investment, a potential protective asset, and even as a paycheck in metaverses — digital worlds where you can create your own unique avatars, play games, go shopping, and communicate with friends. The efficiency of all these systems is sustained by the blockchain technology. What is blockchain, then, and how does it operate in practice? Read on and find it out!
What is the blockchain technology all about?
Not so long ago, the transfer of value took place in cash, while these days banks play the key role in this process. Who knows, maybe tomorrow blockchain-based services will take their place?
But first things first: blockchain is a decentralized database designed for storing sequential blocks with a certain set of characteristics such as version, date of creation, and information about previous activity in the network. It’s possible to draw a parallel between the structure of blockchain and an infinitely long metal chain, the links of which cannot be broken or swapped.
Metaphorically, the blockchain framework can be described as a book with an option to add pages. At that, each new page is written after an already existing one, while the rest cannot be edited, deleted, or interchanged.
What is blockchain used for?
The blockchain technology is employed where the high speed and reliability of data transfer matter most. That’s exactly why blockchain has proved useful in virtually every sphere of our lives, be it international money transfers, smart contracts for goods, electronic vote verification, or any cryptocurrency such as bitcoin.
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