Have you seen the word blockchain thrown around in the world of crypto and NFT’s but never really understood what it was? Well on this page we are going to break it down as simply as possible for you. Blockchain is related to the next stage in the internet which is Web3. If you’ve been researching crypto, the Metaverse or NFT’s then the chances are that you have seen blockchain mentioned a fair bit. Hopefully we answer all the questions you have in the text below. It’s definitely something worth knowing going into the future. Especially if you are someone who works in the online internet industry.
What Is Blockchain London?
So, in the simplest words, blockchain is a system that records information in a way which makes it very difficult to hack or change. This is why it’s so prominent with cryptocurrency, NFT’s and for Web3. The whole reason blockchain came about is because it allowed you to share valuable data securely between people who didn’t trust one another. Through this you could send high value data in a tamperproof way. Before, you would have to deal with the government, bank or other third party directly but this allowed you to skip that and do it yourself. The term blockchain came from the blocks in which your information is recorded. Once a new block becomes full, it is then chained to your already existing blocks. Then a new empty block is ready for the new information. Each block is given an exact time stamp of when it is added.
Another name for them is distributed ledger technology. This is because there are different types of information which can be stored on a blockchain. But the most common way is to use a ledger for transactions like in Bitcoin. Decentralized blockchains are immutable, which means that the data entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone.
Is Blockchain Secure?
There is so much money involved with NFT’s and crypto that they needed a way of guaranteeing that no one was able to hack their accounts or digital property. Unfortunately, as we have found out, even blockchain cannot keep hackers out completely. Since 2017, public data shows that around $2 Billion has been stolen in blockchain cryptocurrency. However, it is still the most secure way of keeping your data safe. Because the information is stored across a whole network of computer systems there is no single point of failure. If one of those computer systems was breached then it wouldn’t affect the others which makes it much harder to corrupt.
NFT And Crypto Security
We hope this has given you more of an insight into what blockchain is. Is it going to be the future for digital security? Who knows, there are definitely still some issues with it but they may find a solution down the line. If you have any information which you would like to share with us then don’t hesitate to drop an email.
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