How does Blockchain Technology work?
Blockchain technology is a revolutionary technology that is based on virtual currency. We all know that from the beginning of our human generations we have utilized various types of things as a currency. Our ancestors have used many different things as currency. In some eras, our ancestors traded different types of belongings as currency. In other words, they used it as a medium to exchange different kinds of things. And Just as humans evolved for 1000 years, these currencies developed as well. Our ancestors began using coins as currencies. And they started to use different types of metals as a currency. Then, when the “paper” got involved, they started using “paper notes” as a currency. And the time is changed again! A new type of currency has emerged, referred to as “Crypto Currency”.
How does Blockchain technology works with Crypto Currency?
Cryptocurrency is a type of currency that is not a physical currency, it is online in the form of digits! It is only available online on the internet.
And this Crypto Currency is made of Blockchain technology.
Blockchain technology is a system in which a record of transactions made in Cryptocurrency is maintained by several computers that are connected in a peer-to-peer network connection. It means whenever a transaction takes place, it is maintained by some computer systems connected in a peer-to-peer network. In other words, we can say Blockchain technology allows digital information to be recorded and distributed but cannot be edited.
There are many Cryptocurrencies available in the market which are based on Blockchain technology. There are some highly used crypto currencies are present in the real world market like BitCoin and Etherium which are the most popular Crypto Currencies which are being used by some countries.
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