What is Blockchain? The Technology Behind it

Last updated:2023/04/25
Why Trust BTCC
BTCC, a seasoned player in the cryptocurrency sector, has established a solid foundation of credibility through its over a decade of platform operation and profound industry experience. The platform boasts an experienced team of professional analysts who leverage their keen market insights and profound understanding of blockchain technology to offer precise market analyses and investment strategies to users. Furthermore, BTCC adheres to rigorous editorial standards, ensuring that every report and analysis is fact-based, striving for objectivity and fairness, thus providing investors with authoritative insights they can rely on. In the rapidly evolving cryptocurrency market, BTCC stands out as an indispensable partner for numerous investors and enthusiasts due to its stability, professionalism, and forward-thinking approach.

Blockchain is the core technology behind Bitcoin and thousands of cryptocurrencies, and has tremendous potential beyond digital currency.

Blockchain technology may be one of the most popular innovations of the 21st century. Developed to support bitcoin, blockchain now powers thousands of cryptocurrencies, and developers are working to integrate the technology into businesses including medicine, the arts and finance.

To understand the growing interest, it may be helpful to understand how blockchain works, why it is valuable, and how it differs from other Internet technologies.

What is Blockchain Development?

Blockchain  Definition

Blockchain is a digital ledger of transactions maintained by a network of computers in a way that makes hacking or modification difficult. This technology provides a secure way for individuals to deal directly with each other without the need for intermediaries like governments, banks or other third parties.

Increasingly, records are called blocks, and they are linked together by encryption technology. Each transaction is independently verified by a peer-to-peer computer network, time-stamped, and added to a growing chain of data. Once recorded, the data cannot be altered.

With the growing use of bitcoin, ethereum and other cryptocurrencies, blockchain technology has promising applications in legal contracts, real estate sales, medical records and any other industry that requires authorization and recording of a series of actions or transactions.

34 Top Blockchain Applications to Know for 2022 | Built In

BTCC APP DOWNLOAD


Download App for Android Download App for iOS

Blockchain:How it works

Using the Bitcoin system as an example, here is how the blockchain (also known as distributed ledger technology) works.

The buying and selling of bitcoins is entered and transmitted to a powerful network of computers called nodes.

This network of thousands of nodes around the world uses computer algorithms to confirm transactions. This is called Bitcoin mining. Miners who successfully complete a new block for the first time are rewarded with bitcoins for their work. These rewards are paid for by a combination of newly minted bitcoins and network fees, which are passed on to buyers and sellers. Fees increase or decrease depending on the volume of transactions.

After a purchase is cryptographically confirmed, the sale is added to a block in the distributed ledger. The majority of the network must then confirm the sale.

The block is permanently linked to all previous blocks of a Bitcoin transaction, using a cryptographic fingerprint called a hash, and the sale is processed.

The concept of blockchain technology first appeared in 1982 in an academic paper discussing “the design of a distributed computer system that can be built, maintained, and trusted by mutually suspicious groups” but in 2008, the paper “Bitcoin: A Peer-to-Peer Bitcoin: a Peer-to-Peer Electronic Cash System” brought an academic theory into the real world.

How blockchain can change the space industry | Space

Read More:

ConstitutionDAO (PEOPLE) Coin Price Prediction 2023, 2025, 2030

Galxe (Previously Project Galaxy) Price Prediction 2023, 2025, 2030: Is GAL Coin a Good Investment?

Mina Protocol (MINA) Price Prediction 2023, 2025, 2030: Is MINA a Good Investment?

Toncoin (TON) Coin Price Prediction 2023, 2025, 2030

Internet Computer (ICP) Price Prediction 2023, 2025, 2030: Is ICP a Good Investment?

Internet Computer (ICP) Price Prediction 2023, 2025, 2030 — Is ICP a Good Investment?

Neo (NEO) Price Prediction 2023, 2025, 2030: Is Neo a Good Investment?

Alchemy Pay (ACH) Price Prediction 2023, 2025, 2030 – Is ACH a Good Investment?

Neo (NEO) Price Prediction 2023, 2025, 2030: Is Neo a Good Investment?

Conflux (CFX) Price Prediction 2023, 2025, 2030 — Is CFX a Good Investment?

Core DAO (CORE) Price Prediction 2023, 2025, 2030

Arweave (AR) Price Prediction 2023, 2025, 2030 — Is AR a Good Investment?

Synthetix (SNX) Price Prediction 2023, 2025, 2030 — Is SNX a Good Investment?

Measurable Data Token (MDT) Price Prediction 2023, 2025, 2030

Adventure Gold (AGLD) Price Prediction 2023, 2025, 2030 – Is AGLD a Good Investment?

Arbitrum (ARB) Price Prediction 2023, 2025, 2030

BitTorrent (BTT) Price Prediction 2023, 2025, 2030

Measurable Data Token (MDT) Price Prediction 2023, 2025, 2030

SafeMoon (SFM) Price Prediction 2023, 2025, 2030

OMG Coin Price Prediction 2023, 2025, 2030

Alien Worlds (TLM) Price Prediction 2023, 2025, 2030

Reserve Rights (RSR) Price Prediction 2023, 2025, 2030

Bitgert Price Prediction for 2022-2030: Can Brise Reach 1 Cent in 2030?

JasmyCoin (JASMY) Price Prediction 2023, 2025, 2030: Is JASMY a Good Investment?

Pi Coin Price Prediction: Will Pi Ever Be Worth Money?

Loopring Price Prediction: What Will LRC Coin Be Worth 2030?

Tamadoge Crypto Price Prediction 2022-2023-2025

Quant (QNT) Price Prediction 2023, 2025, 2030 — Will QNT Hit $10,000?

Tectonic (TONIC) Price Prediction 2023, 2025, 2030 — Will TONIC Hit $1?

Baby Doge Coin Price Prediction 2023, 2025, 2030: Can Baby Doge Coin Reach 1$?

Loopring Price Prediction: What Will LRC Coin Be Worth 2030?

Helium (HNT) Price Prediction 2023, 2025, 2030 — How high can HNT go?

LCX Price Prediction 2023, 2025, 2030 | Is LCX a Good Investment?

Shping Price Prediction: Can Shping Coin Reach $1?

LCX Price Prediction 2023, 2025, 2030 | Is LCX a Good Investment?

Floki Inu (FLOKI) Price Prediction 2023, 2025, 2030 — Is FLOKI a Good Investment?

Register now to begin your crypto journey

Download the BTCC app via App Store or Google Play

Follow us

Scan to download

Comments

View more

Leave a comment

Your email address will not be published. Required fields are marked with an asterisk (*).

Comment*

Name*

Email address*

Submit