What is Blockchain Technology?
Cryptocurrencies work using blockchain technology. A blockchain is a distributed database that is shared among the nodes of a computer network.
As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems such as Bitcoin, for maintaining a secure and decentralized record of transactions (also known as a shared public ledger). The innovation with a blockchain is that it guarantees that fidelity and security of a record of data and generates trust without the need for a trusted third-party.