What is blockchain?
It refers to the spaces where data is stored. These storage spaces are called blocks.
Represents the arrangement of blocks in the form of a chain.
Refers to the blocks linked together in a chain, forming a distributed ledger for recording information.
• Distributed Ledger:
A decentralized database for recording and maintaining data. Blockchain is one type of distributed ledger.
This technology was first introduced by Bitcoin, but it has numerous applications in other areas as well. therefore, Cryptocurrency, especially Bitcoin, attracted a lot of attention from the very beginning because it was a significant innovation in the financial and investment sector, and its use was open to the general public.
Consequently, This technology is a decentralized and independent network where regular users are responsible for guaranteeing and verifying transactions.
To learn more about the decentralized exchange, you can visit the introduction page of this popular exchange.
The function of blockchain
• for payment processing and money transfers:
Transactions processed through blockchain can settle within seconds and reduce (or even eliminate) banking transfer fees.
• for Internet of Things network management:
Therefore, Blockchains can serve as a regulator and overseer of Internet of Things (IoT) networks, identifying devices connected to wireless networks, monitoring their activities, determining their trustworthiness, and automatically evaluating the trustworthiness of new devices added to the network, such as cars and smartphones.
• for data sharing:
Blockchains can act as an intermediary to securely store and transfer enterprise data among industries.
In the end
In 2009, the growth and widespread adoption of blockchain resulted from the emergence of the Bitcoin network. However, extensive efforts to utilize blockchain technology in other areas and address its drawbacks, such as limited scalability, have been made.