Blockchain Technology Explained – Distributed Ledger Guide by Changelly

 

Blockchain technology has already become a breakthrough for many modern industries, such as business, medicine, logistics, etc. You probably often see headlines that giant companies are switching to the blockchain. What does this mean?

In this article, Changelly will explain what blockchain is and tell you about it in simple words.

What Is Blockchain Technology?

If you do not go into technical nuances, then the principle of operation of the blockchain is quite simple. It can be represented as an account book, which each participant in the event has and continuously updated.

In fact, in this book, you can enter any occasion – from financial transactions with cryptocurrencies Bitcoin, Ethereum, etc., to the voting results in the presidential election or identification data.

The blockchain’s highlight is that the pages (blocks) of this book are simultaneously stored by all network users and are regularly updated and linked to old pages. If someone tries to trick the system by…


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