What Is Blockchain? The Technology That Underpins the Cryptocurrency Industry

Summary

Contents

Blockchain Technology Explained

Key Features of Blockchain Technology

  • Constant: Blockchain networks are available 24 hours a day, 7 days a week, all over the world.
  • Fast: Transactions are sent peer-to-peer directly from sender to the receiver without friction from one or more intermediaries.
  • Secure: A blockchain’s distributed network of nodes provides collective security against attacks and outages.
  • Inexpensive: Blockchain systems run at a reduced cost due to the lack of centralized, rent-seeking intermediaries.
  • Tamper-Proof: Data is transparent and cannot be changed once it is timestamped to the ledger, preventing fraud and other nefarious behaviour on the blockchain. Similarly, anyone can observe public transactions.

Industries that Benefit from Blockchain Networks

Concerns Around Blockchain Technology

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