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Anyone who has even a passing interest in cryptocurrency has probably heard the word “blockchain” bandied about. No doubt, many of those who know the term also know that blockchain technology is behind Bitcoin and many other cryptocurrencies. But what else do you know about blockchain? How does it work? What uses does it have? And what about blockchain’s prospects in the future? All is revealed in this article.
Blockchain technology can be defined as a system of decentralized digital public ledgers that store transactions. This transactional information is stored in chains of blocks — hence the name “blockchain.” These computers on the network share this information through cryptography.
Blockchain is used for a variety of functions. In addition to cryptocurrency, it’s also used for things such as healthcare, smart contracts, supply chains, and electronics. Let’s take a look at how blockchain works.