What is Blockchain Technology:
Blockchain technology is a distributed database, also known as a blockchain. This technology is used to securely store, protect and share information. A blockchain is a set of data records made up of interconnected blocks. Each block contains the previous block’s data and a timestamp. In this way, the blocks form an interconnected chain and become difficult to change.
Blockchain technology allows for secure transactions without a central authority or intermediary. For example, when you execute a cryptocurrency transaction, the transaction is recorded on the blockchain and there is no need for a central broker or bank to confirm this transaction. Instead, transactions are handled directly between users.
Blockchain technology is used in many areas other than cryptocurrencies. For example, it can be used to ensure data security and integrity in industries such as healthcare, insurance, finance and supply chain. Thanks to blockchain technology, the security and accuracy of data can be increased, transactions can be accelerated and costs can be reduced.
What are Cryptocurrencies:
Cryptocurrencies, also known as digital currencies, are digital currencies that are secured using cryptography and are traded in a decentralized manner. These currencies are backed by blockchain technology and transactions take place directly between users.
Cryptocurrencies differ from traditional currencies because they are not tied to a central authority, such as a bank or government. Instead, transactions are carried out on a network that is approved by all users, thus ensuring the security and accuracy of transactions. Also, cryptocurrencies are generally anonymous and allow direct interpersonal transactions.
Bitcoin is the first example of cryptocurrencies and was launched in 2009. Since then, many different cryptocurrencies have emerged, for example Ethereum, Ripple, Litecoin, Tether and many more. Cryptocurrencies have attracted the attention of many people and are used by many as an investment tool today.
