what is blockchain technology

Introduction

Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. A blockchain carries no transaction cost. (Banks and credit card companies extract high fees whenever they process transactions). Each of the numerous cryptographic calculations for each block cannot be altered after it’s been submitted without changing all subsequent blocks, which requires collusion of the network majority. By design, a blockchain is resistant to modification of the data. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority

Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. With blockchain technology, it's possible for two parties to exchange money or goods without having a middleman. This means that there will be no need for a trusted third party such as a bank or government agency because all transactions are public and transparent.

Blockchain technology has been around since 2008 when Satoshi Nakamoto published the Bitcoin whitepaper outlining how this revolutionary new way of exchanging money could work.

A blockchain carries no transaction cost. (Banks and credit card companies extract high fees whenever they process transactions).

When you make a transaction, the network is responsible for validating it. This means that all nodes must agree on the validity of your transaction and add it to the ledger. Transactions are broadcasted across the network, so anyone can see them and verify their legitimacy.

The cost of processing transactions is called "transaction fees". Anyone who wants to send money through the blockchain—whether it be your bank or someone else—has to pay these fees as well (or more).

However, with no central authority controlling who gets paid what amount of money when (as in traditional banking), there's no way for anyone participating in this process  to control how much they get paid nor how much influence they have over those decisions!

Each of the numerous cryptographic calculations for each block cannot be altered after it’s been submitted without changing all subsequent blocks, which requires collusion of the network majority.

Each of the numerous cryptographic calculations for each block cannot be altered after it’s been submitted without changing all subsequent blocks, which requires collusion of the network majority.

Blockchain is a distributed ledger, meaning that it’s stored on multiple computers simultaneously. This makes blockchain extremely secure because if any one computer is hacked or tampered with, all other computers will reject their work as invalid and thus prevent them from modifying or adding new data to it. In this way, blockchain technology creates trust among users through consensus rather than reliance on one central authority figure such as a government or bank (like traditional databases).

By design, a blockchain is resistant to modification of the data. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.

A blockchain is a distributed ledger, which means it's a public database. It's also a public database because anyone can see its contents and make changes to the data in it.

A blockchain network (or "chain") has two main parts: transactions and blocks. Transactions are similar to any other type of transaction with one exception: they're recorded on blockchains in chronological order so that every single one can be traced back to its origin point—which is key for security purposes since tampering with such an immutable record would mean altering all subsequent blocks as well!

Blocks contain information about each transaction in addition to their own unique hash value (a unique code). This makes them impractical for large amounts of data; however, they're ideal when dealing with small amounts where accuracy isn't critical because each new addition only adds another layer of security against tampering or corruption by adding another piece within "chunks"--rather than breaking up larger files into smaller pieces like we do today!

Even if Bitcoins are worth ten times their current value in five years, they’ll only be worth ten times as much fiat or other currencies – not goods and services. In short, Bitcoin itself isn’t ‘money’ because you can’t use it to buy anything – except other Bitcoins. And If Bitcoins are worth ten times their current value in five years, it means fiat or other currencies will have lost 90% of their value to Bitcoin over that time period.

Bitcoin is not money. It’s a store of value, and has been since it was created in 2009. If you have enough Bitcoins, they can be used to pay for goods and services, but they aren't useful as currency or payment method because there are too many factors that affect their value (including inflation). Also, unlike other currencies like USD or Euros where governments control how much money gets printed each year – Bitcoin doesn't have this safety net either!

Bitcoin isn't really a commodity either; it's more like an investment vehicle that people buy into because they think its value will go up over time – but if something goes wrong (like another cryptocurrency taking over), then all your hard work could go down the drain faster than you can say "bubble burst."

Finally: Bitcoin may seem like an easy way out from having our own countrymen steal from us by printing tons upon tons upon tons worth dollars overnight...but don't forget: even though fiat currencies are backed by governments who print them whenever they want (and thus increase their value), we still need those same government officials behind these printed pieces of paper! So while some countries may offer better financial security than others do right now (for example Canada), nobody could ever guarantee 100% accuracy when dealing with transactions involving hard assets such as gold coins or silver bars - especially considering how difficult it would be doing so within international borders without any legal framework whatsoever!

Conclusion

Blockchain technology is an exciting new frontier in the world of finance, but it doesn’t mean that crypto is going to replace fiat currencies anytime soon. There are still many barriers to overcome before crypto can become a viable option for everyday transactions. The biggest challenge for crypto right now is its volatility; since every coin or token on its own has no intrinsic value (outside of speculation), prices always go up and down based on supply and demand dynamics which can make day-to-day trading difficult if not impossible at times.