What is Blockchain Technology?

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A common term you’ve probably heard several times in the past few months is blockchain technology. BUT if you don't know what it means and how it's used, don't worry, you're not alone!

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Even though blockchain technology has been around for more than a decade, people have only recently noticed it because of its potential uses in various industries.

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What Is Blockchain Technology?

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A blockchain is a type of shared database that stores information.

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Blockchains store data in blocks linked together via cryptography. As new data comes in, it goes into a new block.

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Once the block fills up with data, it gets chained onto the previous block, which makes the data chained together in chronological order.

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What Does It Do?

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Many banks and financial institutions are already experimenting with blockchain-based transactions and exploring ways to use this technology to make their services more efficient and secure.

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SWIPE UP TO READ OTHER APPLICATIONS OF BLOCKCHAIN (INCL. BITCOIN)

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