WHAT IS BLOCKCHAIN TECHNOLOGY?
A blockchain is the technology on which cryptocurrencies are based.
It is an information technology for information management, commonly used for all kinds of transactions related to a given asset. It is based on a decentralised registry, in which there are records of the chronology related to all the exchanges which took place in the network.
Let's see how the First Blockchain works.
It is like a ledger which is:
- shared by everyone
- viewable by everyone
- anonymous ( an "account number" works as your pseudonym)
The Blockchain technology is:
- SAFE: it is a shared, decentralised database, distributed and encrypted with precise safety measures.
- IMMUTABLE: it grants absolute invariability and incorruptibility of all information.
- TRANSPARENT: it is open to every participant and accessible at any time.
- DECENTRALISED: no one has control of the network, as there is no central power. The network is controlled by mathematical theorems.
Nowadays there are many types of blockchains, with different working mechanisms. They are used in many different fields: healthcare, various insitutions, construction industry, security, formation, trade, elections, network, music, sports and sports bets, insurances, data storage, last wills and testaments, rents, charities, transports and, more commonly, transactions and payments.
The use of the Blockchain technology is becoming more and more common in many other fields. Big multinational companies and many countries have understood the importance of being present in this market by adopting the Blockchain technology to improve their service.
But who invented this technology? When has it been used for the first time?
The answer to this question is in the next section, on BITCOINS.