1:22
novice
June 13, 2022
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what is the blockchain?

Cryptocurrencies work on a trackable system known as the blockchain. It is a decentralised recording system - a digital ledger - that is near impossible to hack, cheat or alter.

The structure of the data on a blockchain differs from a traditional database. A blockchain organises data into groupings called blocks, each containing a collection of data. Blocks have specific storage capacities, and when they are full, they are closed and linked to the preceding block, producing a data chain known as blockchain. All additional information added after that newly added block is compiled into a new block, which is then added to the chain.

A database organises data into tables, whereas a blockchain organises data into chunks (blocks) that are linked together, as the name suggests. This data structure creates an irreversible data chronology when implemented in a decentralised manner. When a block is filled, it becomes permanent and part of the chronology. A specific timestamp is given when each block is added to the chain. You can easily follow all transactions made on the blockchain using the timestamp as the data can’t be edited. Therefore, the technology offers vast benefits as everyone can see where money is being transferred. Each network will have its native blockchain, like the Bitcoin (BTC) and Ethereum (ETH) blockchain.

People sometimes refer to ‘the blockchain’ as crypto as a whole. This is because crypto operates on a blockchain. Blockchain technologies are essentially new tech that functions on the same trackable digital ledgers.

Food companies incorporate blockchain systems to trace precisely each item of food’s journey. Suppose an item of food is spoiled or infected along its journey. In that case, the blockchain technology makes it easier for the company to determine where it picked up the infection as they can check every exact timestamp created on the blockchain. By doing this, they can also cross-check any other item of food it may have come into contact with along its journey.

*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.

*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.

what is the blockchain?

Cryptocurrencies work on a trackable system known as the blockchain. It is a decentralised recording system - a digital ledger - that is near impossible to hack, cheat or alter.

The structure of the data on a blockchain differs from a traditional database. A blockchain organises data into groupings called blocks, each containing a collection of data. Blocks have specific storage capacities, and when they are full, they are closed and linked to the preceding block, producing a data chain known as blockchain. All additional information added after that newly added block is compiled into a new block, which is then added to the chain.

A database organises data into tables, whereas a blockchain organises data into chunks (blocks) that are linked together, as the name suggests. This data structure creates an irreversible data chronology when implemented in a decentralised manner. When a block is filled, it becomes permanent and part of the chronology. A specific timestamp is given when each block is added to the chain. You can easily follow all transactions made on the blockchain using the timestamp as the data can’t be edited. Therefore, the technology offers vast benefits as everyone can see where money is being transferred. Each network will have its native blockchain, like the Bitcoin (BTC) and Ethereum (ETH) blockchain.

People sometimes refer to ‘the blockchain’ as crypto as a whole. This is because crypto operates on a blockchain. Blockchain technologies are essentially new tech that functions on the same trackable digital ledgers.

Food companies incorporate blockchain systems to trace precisely each item of food’s journey. Suppose an item of food is spoiled or infected along its journey. In that case, the blockchain technology makes it easier for the company to determine where it picked up the infection as they can check every exact timestamp created on the blockchain. By doing this, they can also cross-check any other item of food it may have come into contact with along its journey.

*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.

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June 13, 2022
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