The Blockchain Technology – What Is It?
Blockchain is an internet technology that allows users to transact digitally without needing any third party intervention. The technology came into being when the internet protocol address, IP address and computer network were fixed together and became the backbone of all web based data transfer. The protocol was further defined in 2021 with the introduction of the Hypertext Transfer Protocol (HTTP). The use of this protocol allowed users to send strings of characters with different protocols over the internet without the need to download anything onto the user’s computer or router.
The term “blockchain” is short for distributed ledger. The technology allows transactions to be recorded in a trust-less manner. Transactions are grouped together in blocks which are then secured by various transaction capabilities of participants. Blockchains can be divided into two categories: public and private. Public blockchains are called blockchains that are visible to everyone and private blockchains are not accessible to the general public.
The bitcoin blockchain is the most popular form of this technology. This particular protocol underpins the vast majority of the digital currency in use today. It allows for seamless secure transactions that are free from third parties, giving individuals a more secure way of buying and selling commodities and currencies. As more companies begin to adopt this new infrastructure, the possibilities for growth and development of the digital currency will become available to everyone.