luxury journal

The Blockchain has become a talking point over the past few years and is a result of the creation of Bitcoin. Cryptocurrencies where created to build an alternative financial system free from institutional control.

 

Blockchain is essentially a set of connected blocks or an online ledger. Each block contains a set of transactions that have been independantly verified by each member of the network, each block created must be verified by each node before being confirmed, making it impossible to forge transaction histories. The contents of the online ledger must be agrees upon by the entire network of an individual node, or computer maintaining a copy of the ledger.

 

The Blocks are chained together through the information in each proceeding block, giving it the name Blockchain. Information in the previous blocks cannot be changed without affecting the following blocks. This concept, along with other security protocals, provides the secure nature of the Blockchain.

 

Blockchain technology is the foundation of Decentralized Finance ( DeFi ). DeFi uses this technology to eliminate centralized financial models by enabling anyone to use financial services without institutional approval.

 

 

blockchain

wHat is blockchain?

What is Cryptocurrency 

What is DeFi