What is Blockchain Technology?

Before diving into the details of what is blockchain technology, you may be wondering what this kind of system is all about. Blockchains are distributed ledgers that contain data that is shared across several nodes, creating a tamper-resistant record and preventing changes in the records. Blockchain was invented by Satoshi Nakamoto, who is credited with the idea of creating the first distributed ledger. The technology was also developed by a Berkeley programmer, David Chum, who had invented the Blind Signature system in 1982, which separated a person’s identity from the transaction.

Blockchain technology is an electronic ledger that is shared among nodes in a computer network. It enables a network of people to record transactions and come to consensus on a shared state without the involvement of a centralized authority. This decentralized system is most notable for cryptocurrencies, but its applications have been widely explored in many sectors, including online gaming, governance, real estate, voting, charity, and more. Blockchains are distributed ledgers, which are digitally-based records of transactions. They are a powerful tool for protecting valuable data, such as financial records.