Understanding Blockchain Technology And How It Works (for beginners)

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Blockchain technology can be seen as a framework specifically designed to store transactional records which in other words know as BLOCKS, for the public in diverse databases, which is also known as CHAIN. Both coming together formulates the name BLOCKCHAIN.

That being said, it will interest you to know that every transaction recorded in this leger is permitted by the digital signature of the owner, on the other hand, it validates the transaction and protects it from tampering or rough-handle. This is what makes the blockchain very secured.

For a technology to be this advanced and complex, it sure does come with some advantages in an increasingly digital world. Below are some of them:

1 High-level security

The fact that it utilizes a digital signature to carry-out fraud-free transactions makes it absolutely impossible to counterfeit or tamper with.

2 Decentralized System

Traditionally, the approval of regulatory officials like the government or bank is needed for a successful transaction. But with Blockchain Technology, these transactions are mutually done with the consensus of users which results in fast, safe, and smoother transactions.

3 Automation Capability

Blockchain Technology boats of being programable and also self-generating systematic actions, such as; events, and payments automatically when the requirements are met.

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