BITCOIN AND CRYPTOCURRENCY TRADING FOR BEGINNERS by Trading Academy Gorpale & Benjamin Warren Ray

Author:Trading Academy, Gorpale & Benjamin, Warren Ray
Language: eng
Format: epub, pdf
Published: 2021-05-04T00:00:00+00:00

What Are Some Other Uses for Blockchain Technology?

Blockchain's transparency can be applied to many other areas of business including credit card payments, stock trading, and music royalties. It also has the potential to be implemented in voting systems and land registry offices.

The technology is being developed each day by many start-ups, so we can expect that there will be new applications for it in the near future.

The Blockchain Technology Explained

To understand how Blockchain technology works, one must first grasp the concept of a database that cannot be tampered with. In the past, this was not possible. There were many factors that made it easy to subvert a database: physical tampering via hacking; or changing entries from within a network via an administrator account, which can have administrator privileges. These problems have been solved with Bitcoin's blockchain innovation because it is decentralized and distributed.

A database is decentralized if it is copied to many nodes, and distributed if it is divided into multiple parts. Bitcoin's blockchain technology is decentralized in that every node has an up-to-date copy of the ledger, and distributed in that the ledger exists on every single node.

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