What is Blockchain Technology: How it Works and Future Ultimate Guide.
The 21st century is the new era of technology, where technology is evolving day by day and to solve these centralized problems a new Blockchain technology has been introduced, so what is Blockchain technology?
Back in the year 2009 when the first time Bitcoin introduced by Satoshi Nakamoto, his intention was not to solve these centralized financial problems but to set up a protocol that could do more than that.
Blockchain technology was the solution to that and earlier the first use case developed on this technology is the digital CryptoCurrency Bitcoin.
Bitcoin was the vision that in the future every people on the network could transfer digital assets without having the g third-party intervention.
But this time the Blockchain industry is evolving and expanding its use cases to the real use of life.
Hence, if you are a techno lover or have ever interested in Cryptocurrency or knew about current financial systems.
Then in this, What is Blockchain technology guide I will help you to explain what is Blockchain technology and why this is the future of technology step by step.
We have Written multiple guides on the project working on this blockchain technology, which you may like the most.
What is Blockchain Technology?
The idea behind the evolution of blockchain technology is to replace the current centralized system and increase the security of the network.
Satoshi Nakamoto the creator of Bitcoin has written one protocol on which a Cryptocurrency called Bitcoin has been built.
Currently, we are doing payment transactions using a centralized financial system like Banks, where they have private ledger which contains the records of all your transactions.
In some cases, they can seize your payment or in another case, if anybody hacks to their central server can steal all money or your personal information.
That means you are on risk and dependent on the third party like banks or financial systems to maintain your fiat asset.
On the other side, we have seen the transforming face of money where earlier face of money was just the exchange of goods later become gold and copper coins.
As time changed, it turned to a paper currency like Dollar, Euro than a plastic currency like Credit and Debit card.
So Satoshi Nakamoto thought the future is with a digital currency on which no one will have any control.
Hence he created a protocol on which first digital Currency Bitcoin was built and that protocol is known as Blockchain Technology.
This is a brief history of what is blockchain technology and why this has been introduced, now will focus on how this actually works.
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