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What is Blockchain Technology? Often referred to as digital ledger technology. What you also must know about Bitcoin, Cryptocurrency
By GERALD ROTHBERG
(Updated March 13 2024)
BLOCKCHAIN: What it means - explained, and defined
A blockchain is a digital ledger or database where encrypted blocks of digital asset data are stored, and chained together. This database will now create a chronological, and one source for the information.
With Blockchain, also referred to as distributed ledger technology (DLT), history of any digital asset is permanent, fixed, and transparent through a decentralized network, and cryptography hashing.
Keep in mind that Digital assets are distributed, and not copied or transferred.
Digital assets are decentralized, allowing for real-time accessibility, transparency, and governance among more than one party.
Blockchain ledgers are transparent — any changes made are documented, preserving integrity and trust.
Blockchain ledgers are public and constructed with inherent security measures, making it prime technology for almost every sector.
Why Is Blockchain Important? Blockchains can aid in reducing your security risks, while stamping out fraud. With Blockchain technology, transparency can be measured.
Making Payments is one of the most common uses of Blockchain technology. Bitcoin introduced the first blockchain tool for regular payments without going through traditional banks. There is opinion that a key feature that made bitcoin distasteful to banks was that Blockchain technology was attractive to clients.
Bitcoin uses Blockchains in a decentralized manner. In other words, no single person or group has control. Instead all users collectively retain control of the data.
Many businesses all over the world accept Bitcoin as a recognized method payment. Banks too have embraced blockchain technology to permit clients to settle payments using Bitcoins.
Initially introduced as a research project in 1991, Blockchains predated widespread application with Bitcoin, blooming in 2009. Now the use of Blockchains has exploded with development of cryptocurrencies, decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and smart contracts.
(Check back frequently as more information, on Blockchain technology, Bitcoins, cryptocurrencies, etc. is added.)
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About me: Gerald Rothberg is the founder, editor-publisher of CIRCUS Magazine, the legendary Rock Music publication. Est 1966
You may remember me from America's cutting- edge magazine that covered the rock music world for over four amazing decades. I was the founding publisher and editor of CIRCUS Magazine, here in New York City, where many fantastic music journalists, editors, photographers, and art directors got their start. The magazine reached millions of teenagers, and young adults in those days with the best rock music journalism, and rock photography ever produced.
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