What is Blockchain? How is it used in cryptocurrency?
Blockchain finds mention in the context of cryptocurrencies, NFTs, DeFi and the metaverse. But what is blockchain and what is its role in Web3? Find out here.
Aakanksha Chaturvedi
- May 5, 2022,
- Updated May 9, 2022 10:05 AM IST
In layman terms, blockchain is a ledger. A record of sorts. What sets it apart is the fact that data on a blockchain ledger cannot be tampered with. Data once entered cannot be changed.
In slightly technical terms, blockchain is a decentralised peer-to-peer network. In simple terms, it is a shared database; a distributed, immutable ledger.
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The maintenance of a blockchain can be delegated to multiple companies. These organisations control who is permitted to submit transactions or access data. Interested participants need to seek permission and are then granted authorization.
Also Read: Walk through the India Art Fair in the metaverse
Also Read: Goldman Sachs bullish on crypto
In layman terms, blockchain is a ledger. A record of sorts. What sets it apart is the fact that data on a blockchain ledger cannot be tampered with. Data once entered cannot be changed.
In slightly technical terms, blockchain is a decentralised peer-to-peer network. In simple terms, it is a shared database; a distributed, immutable ledger.
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The maintenance of a blockchain can be delegated to multiple companies. These organisations control who is permitted to submit transactions or access data. Interested participants need to seek permission and are then granted authorization.
Also Read: Walk through the India Art Fair in the metaverse
Also Read: Goldman Sachs bullish on crypto
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