What is blockchain technology?
Blockchain technology is a distributed database that allows for secure, transparent and tamper-proof transactions. Transactions are verified by network nodes and recorded in a public ledger. Bitcoin, the first and most well-known application of blockchain technology, was created in 2009.
A blockchain is a digital ledger of all cryptocurrency transactions. It is constantly growing as "completed" blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes use the block chain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
What is a blockchain application?
A blockchain application is any application that makes use of the blockchain technology. Blockchain applications can be used for anything from recording medical data to tracking the provenance of food.
What are the benefits of blockchain technology?
The main benefits of blockchain technology are that it is secure, decentralized, and tamper-proof.
What are the drawbacks of blockchain technology?
One of the main drawbacks of blockchain technology is that it is still in its early stages of development and has not been widely adopted yet.
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