Unless you have been living under a rock, you have no doubt heard about blockchain technology in the past few years. It is the technology that underpins cryptocurrency, NFTs and much else, but how much do you actually know about it? Few people really understand what blockchain is and how it works, so let’s take you through a basic introduction of it right now.
What is Blockchain?
Essentially, the blockchain is a decentralized digital ledger which helps ensure that it is impossible to change or duplicate data on it secretly. It consists of a chain of blocks, each block containing a cryptographic hash of the previous block and the key for the hash of the next. Because of this, you can’t change one block without changing them all.
In practical terms, that means that nobody can have full control of a decentralized public blockchain at any one time, because all nodes on the network have to agree to any changes.
This is what makes crypto and NFTs so safe and secure, because a diverse set of users have joint control over the ledger who have a shared interest to maintain the blockchain and check each other’s work for accountability.
It also means that the blockchain itself has intrinsic value, because it is inherently safe and secure, and in financial settings it can help protect against inflation. And of course, it has no physical form, meaning that it is not something that can be stolen in that way either.
In recent years blockchain technology has been synonymous with speculation and trading. However, Berify was created as a utility platform built on blockchain to unlock the benefits of NFTs, airdrops, rewards, and true ownership of your digital assets. Because the core of the technology is built on a decentralized blockchain, it also means that people from around the world can continuously contribute and improve on the existing technology. And that’s just for starters.
As you can see, it’s fascinating technology, and the kind of thing that is already changing the world. Used properly, it can be incredibly powerful.