▶ Coinbase Website: Coinbase.com
▶ CEX Website: cex.io
Blockchain technology is a relatively recent application of computer networks, the Internet, and encryption technology. A blockchain is a decentralized and distributed network that is used to record transactions across connected devices as blocks of data that cannot be altered after being recorded.
When they are recorded, those transactions are grouped together into blocks, which are then linked together to create chains, hence how the name blockchain came about. With the growing applications of IoT, blockchain’s role and applications are increasing on a daily basis in business and society. Some experts call it a distributed ledger that records every transaction with a high degree of accuracy.
In a blockchain environment, the network is directly shared without a central administrator and transactions can be verified and processed independently. The distributed network is protected through encryption technology that makes the network accessible only to the authorized users. Due to its high security, the data quality is higher in a blockchain environment and transactions are processed faster with a lower cost. An uncertain regulatory environment and lack of widespread adoption of the technology are among its disadvantages.
Cryptocurrency is probably the most popular application of blockchain technology. A cryptocurrency is digital money created from computer codes. It is monitored by a peer-to-peer Internet protocol. With cryptocurrency, the individual owns the private key and the corresponding public key that make up the cryptocurrency address. The main difference among an electronic payment system such as PayPal, credit or debit cards, and a cryptocurrency such as Bitcoin is not having a third party such as a bank or a financial institution between the sender and receiver when using a cryptocurrency. It is a peer-to-peer operation that can take place between two parties anywhere in the world.
▶ Coinbase Website: Coinbase.com
▶ CEX Website: cex.io
Youtube version
