Everything You Need to Know About Blockchain Technology Source – www.techtarget.com You’ve probably heard of blockchain, but do you really understand it? Blockchain is used for cryptocurrency and minted tokens, but that’s not all. Blockchain holds all kinds of opportunities to change the way that businesses and individuals engage in transactions. It is decentralized, removing government regulation and interference. Each country will have a different approach to blockchain technology, cryptocurrency, and NFTs, but for now it is the Wild West. Below is everything you need to know about blockchain technology. Distributed Ledgers A distributed ledger is essentially a database that can be accessed by various participants who can view it. Each person can maintain and update the synchronized copy of the data. Distributed public ledgers allow members to verify, execute, and record transactions securely without the interference of a bank, broker, or auditor.  These peer-to-peer enable various members to control and maintain their personal copy of the ledger. There are many kinds of distributed ledgers, but they are all composed of public or private ledgers, a consensus algorithm, and a way to incentivize network participation with rewards. A significant example of distributed ledgers is blockchain technology. Blockchain Blockchain is shared among nodes in a computer network. Blockchain stores information in an electronic digital format. Blockchain technology provides a way to prove ownership of digital assets. They store decentralized records of transactions including cryptocurrency and NFTs bought and sold. It guarantees the security of these assets without a third party. It collects information in groups known as blocks that hold sets of data. The record of a blockchain is immutable, meaning that no one can get rid of transactional information. Even corrected mistakes show up on the record. Blockchain is still new, but with companies like Google getting into this digital gold rush, only time will tell how this technology will change finance. We already know a few ways that blockchain has changed the world that we live in. Cryptocurrency Cryptocurrency is an encrypted digital currency that is only possible with blockchain technology. The blockchain proves ownership and allows the individual or company to see the transactional history of buying and selling. Bitcoin and Ethereum are some of the most common cryptocurrencies. Ethereum is known for having some of the most sophisticated blockchain technology available. You’ll need a crypto wallet...