In this article we have discussed what technology and how does this technology works while sending and receiving cryptocurrency and where exactly records of our cryptocurrency transactions placed.
Are you in hurry then you don’t need to go through full article let me tell you simply Blockchain Technology is used to record most of the cryptocurrency transaction. Why I am saying most is, Chances are there that we may find a better way than blockchain too.
But if you have enough time then read how does our transaction completed when we send or receive crypto from one another. Do you know blockchain is most secured protocol and hence it is used to record cryptocurrency transactions.
In this article we’re going to go over exactly what happens to a single Bitcoin from the moment you hit the send button in your wallet until it’s received on the other end.
We will also learn why blockchain is best technology to record most of the cryptocurrency transactions and is any alternative of it and what is the future of blockchain technology.
hopefully once we finish this lesson you’ll have a good understanding of how the Bitcoin network works and what’s the role of each specific player in the Bitcoin ecosystem.
what technology is used to record cryptocurrency transactions
Blockchain technology is used to record most of the cryptocurrencies transaction. There are several reasons to use blockchain as recording crypto transaction.
Now what is blockchain and it is very deep concept but I will tell you a short info about blockchain technology. Consider it as database which is connected to all data and here data is transactions.
By the name blockchain defines chain of blocks and here blocks are the data or details of each transaction. further below you will understand full process of sending and receiving crypto.
Most of the reasons to use blockchain technology to record cryptocurrency transactions is discussed below.
Reason to use Blockchain Technology
- Easy way to process the transaction
- Decentralized means deal without middle man
- Secured because of cryptography (It’s a kind of encryption)
- Publicly access of transaction details without your name and identity
- Saves us for counterfeiting (falsification)
- No transaction or transfer limit
- No manipulation occurs
Future of Blockchain Technology
It has a great future because there are many features of using blockchain. It can also be used as voting machine which is highly secured and publicly accessed by any person.
Many organizations are already adopting blockchain as their technology for work. There are many more live examples where we can use blockchain for better future.
and till now there is no alternative way to record our transactions decentralized and secured. In future might there will be a new technology to do so but blockchain will never die.
Want to learn more deeply about blockchain click here what technology is used to record cryptocurrency transactions