Blockchain Technology

In order to reach an agreement for two untrusted parties, without a common digital history is quite difficult. Obviously, it’s not a big deal to fake or duplicate any digital assets or transaction in today’s era of modern technology. To overcome such flaws, Blockchain Technology came into the picture, which introduced a highly secured and trustworthy system ensuring each transaction with suitable authenticity.

So, what is this Blockchain Technology?

Well, it’s a data structure that comprises transactional records. It ensures high level of transparency and security. The highlight of Blockchain technology is its decentralization distributed ledger which means no single person in the world has complete control over it. In other words, it’s a kind of chain or block formed records which is full open to all in the network.

How is it related to Bitcoin?

Bitcoin is a digital currency which is used for digital transactions without a trusted intermediator. Well, several people think that Blockchain and bitcoin are the same things. They are not completely wrong… Actually, Bitcoin is one of the applications introduced by Blockchain technology. We all know, from the day of its launch, how bitcoin banged the world of trading by its remarkable feature.

In terms of its whitepaper, Bitcoin is “peer-to-peer electronic cash system” that “allow[s] for online payments to be sent directly from one party to another without going through a financial institution.”

Here financial institutions stand for banks those are continuously losing its trust as the best protectors of the global financial system. This is the reason why bitcoin succeed to make its place speedily. Using Bitcoin, anyone in the network can perform transaction of Bitcoins or hold a copy of this ledger.