The Blockchain is a distributed ledger utilized for tracking the tangible as well as intangible assets. It is a distributed network across multiple blocks or nodes. This technology enables the exchange of values to carry out any transaction. It allows storage of information on a network of a large number of computers that connect at a global level.
The blockchain is a chain of nodes or blocks or computers digitally secured with the cryptocurrencies. Bitcoins and Ethereum- the decentralized cryptocurrencies have become the alternating way we look at the digital transactions. Today, Bitcoin is the globally accepted payment system. It is the first ever cryptocurrency that functions without a single administrator.
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It is extremely complex to tamper the information stored in the chain of nodes in the shared network. This complexity ensures anti-theft security. For instance, the distributed ledger is shared across the nodal network. If any member of the block attempts to update the data in any of the blocks, he or she has to hack all the nodes in the shared network.
This technology is highly secured in terms of the digital transactions carried out across the nodes in the shared network. The member needs an authorized identity to access and make a change in the block in the network.
The Blockchain technology is known for its data transparency. Every single data in blockchain is completely transparent. If any member of the network attempts to change the data in the block, the change becomes visible to the other members as well.
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