What is Blockchain Technology, and How Does It Work? [UPDATED] 2024
Summary This article explains in-detail, “What is Blockchain technology and how does it work?” Blockchain technology is a revolutionary, decentralized, and transparent ledger system for digital assets, reducing risks and fraud. It’s gaining attention in the financial sector.. While often confused, Bitcoin and Blockchain are related but not the same. Blockchain is the underlying technology behind Bitcoin, creating a secure and transparent ledger. Blockchain operates as a secure and immutable ledger. Transactions are decentralized and validated by miners, forming a chain of blocks. Cryptographic methods, crucial for digital security, transform data into code. These methods safeguard transactions and data within Blockchain technology. Blockchain relies on various cryptographic methods, including symmetric encryption, asymmetric encryption, and hash functions, enhancing security. Blockchain technology finds