The rise in popularity of cryptocurrencies has made it a buzzword for a number of cryptocurrencies. The cryptocurrencies are based on a type of database or a digital ledger that records all transactions related to the coin. The technology derives its name from the fact that information is stored in a chain of blocks.
It becomes hard for a person to hack, alter or cheat the data stored in the systems that are connected to the network because of the technology known as the ledger technology.
The transactions are distributed across the entire network of computers on the same block chain.
The record of all digital transactions carried out on the system is shared and duplicated across all computer systems operating on the same block chain.
The transaction records can be accessed from anywhere in the world. An irreversible timestamp is created for every transaction in a block.
Multiple users are able to use a decentralised database. Distributed ledger technology is known as distributed ledger technology.
Data security and transparency are provided by the use of the technology known asBlockchain. The users of the network can access the information related to all transactions.
A single individual can't have ownership of the data, or block others from accessing the same, because of the fact that the technology is decentralised.
Multiple users can access all the data on the network through a decentralised ledger. It's almost impossible to hack or corrupt the information stored on the blockchain, because the hackers will have to corrupt all the blocks across the network at the same time.
The technology is used to store data related to transactions for each criptocurrency.
A transaction history of a coin is stored by the timetamp every time a transaction is done by an investor.
The platform holds legal contracts, transcripts, and product inventories of every coin operating on the same network.