Blockchain Technology

By Crypto+NFT | MoreBid | 9 Jan 2022

The blockchain technology is a distributed ledger that takes into record, transactions and approve them through the help of nodes on it network of computers. When a transaction is entered on the blockchain network it can not be reversed or removed making it secured and decentralized in nature.

Data are stored in a database known as blocks and can be accessed by anyone using the transaction harsh.edd824a37570a7f0107e06a5e4918a4e90d886ca55c9ee2a08c146732dc258c0.png

Although the blockchain technology was first proposed by two researchers Stuart Haber and W. Scott Stornetta in 1991 in order to develop a technology that will document time stamps without been tempered with.

After years of research works the blockchain technology finally made it impact into the real world with the birth of the first digital currency called Bitcoin in 2009 by Satoshi Nakamoto with the aim of solving the issue faced with the financial sector. With its first application in the creation of bitcoin, blockchain have seen massive growth in it usage in different sectors of the real world; smart contracts are been deployed through the help of this technology, our banking and financial sector have been redinefined by solving the double spending issue and eliminating the middle-man fee attracted by banks, the creation of digital currency (bitcoin), health care, properties (real estate), food recording, arts and the entertainment Industry are some of the sectors that have benefited from this blockchain revolutionary train.

With all of its current innovations and impact in the real world, this technology have sprung more advantages than disadvantages so one can say the future looks bright with the blockchain technology. 

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