Blockchain & Cryptocurrency

Explained

Understanding Blockchain Technology & Cryptocurrencies

What is Blockchain?

The technology of blockchain opens up a world of new possibilities, and the benefits are continually being discovered. It promises to change a multitude of industries from banking and payments to real estate and elections. Understanding this powerful technology is the first step to be able to benefit from its strengths and profit from its wide span of applications.

  • A distributed, cryptographically signed public ledger that stores transaction data across multiple computers(nodes).
  • It securely tracks and verifys transactions and cryptocurrency payments without using any centralized authority.
  • Transactions are recorded in the blockchain, in a linear, time-stamped series of bundled transactions known as blocks.
  • Blockchain technology was invented in 2008, but only came into the public conversation when Bitcoin was launched.

What are cryptocurrencies?

It is essentially digital money that uses cryptography and blockchain technology to facilitate secure and anonymous transactions.

  • The most notable cryptocurrency is Bitcoin, created as the first known peer-to-peer electronic cash system
  • Cryptocurrency transactions work around the traditional financial system through the infrastructure of blockchain technology.
  • Cryptocurrencies do not rely on a centralized authority (middleman) to perform or verify transactions.
  • Crypto-mining involves using high-powered computers to solve complex mathematical equations on a competitive basis in order to verify and log the transactions.
  • Transactions need to be verified by a group of computers known as cryptocurrency "miners".
  • Currently there were over 1,000 different cryptocurrencies available to buy.

How a Blockchain Transaction Works

Green Energy Mining (GEM)
for Blockchain Computing