Blockchain is a decentralized digital ledger that records transactions across many computers. This technology ensures that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.
Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant's ledger. This decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT).
Key Characteristics of Blockchain
- Decentralization: No single entity controls the blockchain; it's maintained by a distributed network of nodes.
- Transparency: Transactions are visible to all participants and cannot be changed once confirmed.
- Security: Cryptographic techniques secure the data, making it tamper-resistant.
- Immutability: Once data is written to the blockchain, it cannot be altered without consensus.
Blockchain technology is the backbone of cryptocurrencies like Bitcoin and Ethereum, but its applications extend beyond digital currencies to areas such as supply chain management, healthcare, and finance.
Floin Insight
Floin utilizes blockchain technology to provide a secure and transparent platform for digital asset management. By leveraging the decentralized nature of blockchain, Floin ensures that all transactions are verifiable and immutable, offering users confidence in the integrity of their digital assets.
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