Blockchain Technology
A blockchain technology is a distributed database or ledger (one of today's top technology trends), which means that the power to update the blockchain is distributed among nodes or participants in a public or private computer network. This is known as distributed ledger technology. Bitcoin purchases and sales are entered and transmitted to a network of powerful computers called nodes. The network of thousands of nodes around the world, compete to confirm transactions using computer algorithms. This is called Bitcoin mining. Blockchain helps to verify and trace multi-step transactions that need to be verified and traced. It provides secure transactions, reduces compliance costs & speed up the data transfer processing. Blockchain technology can help with contract management and auditing the provenance of products.
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