A brief description of Blockchain technology

Category: Business

You may know the word “blockchain,” the record-keeping technology behind the Bitcoin network, whether you’ve been following finance, trading, or currency crypto over the last ten years. What is Blockchain, and how it works? While it may appear to be complicated, and it can be, its core concept is relatively easy. A blockchain is a type of digital ledger, also called a distributed ledger technology. To comprehend blockchain, it is essential first to comprehend what a database is. “Database” refers to a collection of data saved electronically on a computer or other digital device. In order to make searching and filtering for specific information easier, database information, or data, is frequently structured in a table-like format. Where do spreadsheets and databases vary when it comes to data storage? In a spreadsheet, a single person or a small group of individuals can store and retrieve limited amounts of data. Another advantage of databases is that they allow multiple users access, filtering, and manipulation of large amounts of data at the same time. To do this, large databases use powerful computers to store information on servers. To provide the computing power and storage space necessary for multiple users to access the database simultaneously, these servers may often be constructed using hundreds or thousands of computers. Although anyone can access a spreadsheet or database, it is often owned by a company and maintained by a designated person who has complete control over its functions and the data it contains.