Blockchain technology is probably one of the most-hyped improvements of the twenty first century. Developed to guide Bitcoin, blockchains now power hundreds of cryptocurrencies, and developers are operating on integrating the technology into businesses, which include medicine, artwork and finance.
Definition : Blockchain
A blockchain is a digital ledger of transactions maintained by a network of computers in a way that makes it difficult to hack or alter. The technology offers a secure way for individuals to deal directly with each other, without an intermediary like a government, bank or other third party.
The growing list of records, called blocks, is linked together using cryptography. Each transaction is independently verified by peer-to-peer computer networks, time-stamped and added to a growing chain of data. Once recorded, the data cannot be altered.
Pros And Cons Of Blockchain
Pros
- Decentralized
- Transparency plus Anonymity
- Accuracy
- Security
- Private and Public Blockchain Applications
Cons
- Criminals like Crypto
- Cryptocurrencies are highly volatile
- Bitcoin Mining consumes large amount of energy
- Bitcoin Blockchain is slow.
