1. What is blockchain?
Blockchain is a decentralized digital ledger that records transactions between two parties efficiently and transparently. It was invented by Satoshi Nakamoto in 2008.
2. Why do we need blockchain technology?
Today, the Internet is based on centralized servers; however, these servers are vulnerable to hacking attacks and human error. A blockchain-based system eliminates the need for third party intermediaries and provides transparency and security.
3. How does blockchain work?
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block contains a timestamp and link to the previous block. By design, blockchains are inherently resistant to modification of the data.
4. What are some applications of blockchain?
Blockchain technology can be applied across many industries including finance, healthcare, real estate, insurance, government, and even gaming.
5. Which industry is leading the way in adopting blockchain?
Financial services are leading the way in adopting the technology. In fact, over half of global banks have already adopted blockchain technology.
6. Where can I learn more about blockchain?