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What is Block chain and cryptocurrency

What is Blockchain and cryptocurrency

To understand more about Blockchain and cryptocurrency, lets explain about current Banking system works.

Current Banking systems : when a user does an online or ATM transaction , the centralized banking ledger verifies and confirm the authenticity of accounts. For that work, every bank or third party sites charges to user.

Blockchain is not like banking centralized ledger but this software uses a decentralized ledger across the thousands of computers and every transactions are updated in each and every ledger. That means everyone is aware of the transactions rather than a centralized bank stores all information and charges for that. There are volunteering systems who does this effort of maintaining all ledgers for block chain. 

Block chain uses cryptography mythology to protect the ledger information so that no one can modify or destroy this.

Block chain concept is utilized by Cryptocurrency , online voting system, signature system, agreement systems etc.

To know more about top rated cryptocurrency names – please click here