Close Menu
    Facebook X (Twitter) Instagram
    • Contact Us
    • About Us
    • Write For Us
    • Guest Post
    • Privacy Policy
    • Terms of Service
    Metapress
    • News
    • Technology
    • Business
    • Entertainment
    • Science / Health
    • Travel
    Metapress

    What is blockchain?

    Lakisha DavisBy Lakisha DavisOctober 27, 2022
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    What is blockchain?
    Share
    Facebook Twitter LinkedIn Pinterest Email

    BlockchainBlockchain technology was first reported in 1994. But with the advent of bitcoin, it began to be used in the cryptosphere. Blockchain is a distributed database. It consists of a chain of blocks. Each block contains its own info as well it contains the details of the previous blocks. It means it is impossible to tamper with or delete your data.

    How does it work?

    In order to be valid and executed, transactions must be approved by members. The PoW or PoS consensus algorithm is used for confirmations. Bitcoin, for example, operates on the PoW. To mine a block and confirm a transaction, participants need to decide to find the block hash. To do this, they need powerful computers. Whoever finds the code first confirms the transaction and creates a new block. The miner then receives a reward on his blockchain wallet.

    How Is Blockchain Used?

    The technology is actively used in a variety of applications other than crypto.

    • Digital user identification
    • In logistics and supply chain to control and ensure reliable transportation of goods
    • In elections management to ensure honest voting.
    • Charity and transparency of fees without corruption schemes.
    • Copyright protection

    In the future, the technology will develop even more actively and already forms a high competition to the banking centralized sphere.

    What is an advantage of using blockchain

    • Total data security and low risk of network hacking
    • Transparency and accessibility to transaction histories in the network
    • Interaction with assets and other users without intermediaries
    • High transaction speed without delays
    • Low fees
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Lakisha Davis

      Lakisha Davis is a tech enthusiast with a passion for innovation and digital transformation. With her extensive knowledge in software development and a keen interest in emerging tech trends, Lakisha strives to make technology accessible and understandable to everyone.

      Follow Metapress on Google News
      Mark Seruya on the Rise of Alternative Investment Recognition in Wealth Management
      July 11, 2025
      Choosing the Best VPS for Your Business Needs
      July 11, 2025
      Why Learn German in Germany: Benefits of Language Immersion
      July 11, 2025
      Why every organization needs a Salesforce Administrator?
      July 11, 2025
      Top 10 Reliable US Dropshipping Suppliers for Your Online Store in 2025
      July 11, 2025
      What Is a Hotel Booking Engine and How It Boosts Direct Sales
      July 11, 2025
      EssayWriters.com Review 2025: Students Share What Matters
      July 11, 2025
      Bring Island Vibe to Your Room
      July 11, 2025
      Top Custom Laptop Cases for University Students in 2025
      July 11, 2025
      Windows Dedicated Server as the Unrivaled Upgrade from VPS Hosting Solutions
      July 11, 2025
      How a Birth Injury Lawyer Can Help Navigate Insurance Claims
      July 11, 2025
      How AI Personalization Makes Bonus Offers Feel Tailor-Made
      July 11, 2025
      Metapress
      • Contact Us
      • About Us
      • Write For Us
      • Guest Post
      • Privacy Policy
      • Terms of Service
      © 2025 Metapress.

      Type above and press Enter to search. Press Esc to cancel.