Blockchain Technology Meaning

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Blockchain Technology Meaning. The technologys motive was to timestamp digitally available documents as time stamping of digitally available documents can protect from backdating documents. Blockchain technology is most simply defined as a decentralized distributed ledger that records the provenance of a digital asset.

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Blockchain is a shared immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. So any data that would go in the block can never get deleted or altered. Also learn how blockchain is eliminating banking issues its numerous application and future trends.

Blockchain technology is a technology discovered in 1991.

In reality the technical blockchain definition would be like this Blockchain technology is a distributed ledger system that promotes decentralization transparency and data integrity Seems very techy doesnt it. Thus it will stay there forever. Bitcoin the first application built on blockchain technology is a decentralized payment system in which all participating computers nodes store a copy or more precisely a replica since there is no distinguished master of the associated ledger. An asset can be tangible a house car cash land or intangible intellectual property patents copyrights branding.