What is Blockchain Technology? – Multiplied
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What is Blockchain Technology?

Harness the power of cryptocurrency and be in the forefront of this technology.

What is Blockchain Technology?

What is a “Blockchain”? A blockchain is a public ledger of all cryptocurrency transactions that have ever been executed. It is constantly growing as ‘completed’ blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order.

 

Each node (computer connected to the Bitcoin network using a client that performs the task of validating and relaying transactions) gets a copy of the blockchain, which gets downloaded automatically upon joining the Bitcoin network. The blockchain has complete information about the addresses and their balances right from the genesis block to the most recently completed block.

Benefits of Blockchain Technology

Minimal Transaction Fees

By eliminating third party intermediaries and overhead costs for exchanging assets, blockchains have the potential to greatly reduce transaction fees.

Faster Transactions

Through a bank, credit, or debit, it takes 2-3 business days to get money transferred. The Blockchain networks takes only 7 minutes to be deposited. Cash flow improves significantly and there’s no down time.

Transparency and Immutability

Changes to public blockchains are publicly viewable by all parties creating transparency, and all transactions are immutable, meaning they cannot be altered or deleted.

Durability, Reliability, and Longevity

Due to the decentralized networks, blockchain does not have a central point of failure and is better able to withstand malicious attacks.

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