A Blockchain Technology Infographic by Eduonix
The term ‘blockchain’ was all the rage when Bitcoin was first introduced, and while Bitcoin may have lost some of its popularity and its value – Blockchain Technology continues to be a popular form of data storage and sharing.
The technology behind Blockchain already existed even before Bitcoin was even conceived, however, Bitcoin did bring it back into the limelight. Blockchain was originally used in cryptography and data structures, offering an easier way to store and share data.
Blockchain Technology Infographic – Get the Latest Trends on Blockchain
Today, Blockchain has evolved into a popular tool for creating a more transparent form of sharing data using a P2P network that is faster and more secure to transfer. In simple terms, Blockchain is a digital ledger that creates a new block of information for every transaction. Every time an edit is made, the blockchain creates a new block with a cryptographic hash of the previous block, a timestamp, and transaction data. This data is managed and distributed using a peer-to-peer network that uses a protocol for inter-node communication and validating new blocks.
Since Blockchains are more secure and easier to transfer, it makes this technology important for industries such as banking, recording of events, medical records, voting and so on. Blockchains have already found some success in banking with many banks considering using Blockchain to record their transactions.
Blockchain Technology is such a vast topic and we have just barely begun to start talking about it. Let’s delve a little deeper into this amazing technology. We have created an infograph to help make Blockchain easier to understand. You can find the infographic below: