What is Blockchain technology? How does it work, what is it used for?

What is Blockchain technology and what problems does it solve? Have a look at our animated video below to learn more!

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Video transcription:

What is Blockchain?

Can you imagine transferring digital assets between two Piers without having an intermediary? The digital Ledger technology or popularly known as blockchain is all set to solve this for you.

Blockchains are the digital equivalent of the stone age ledgers. Blockchains are similar to a database that records and verifies transactions and terms of Engagement. There is no limit to recording data on this information is majorly about who owns a specific asset, transactions details amongst people, credible people who can make a decision. All of this information can be suitably used to know the supply chain of a particular commodity.

How are blockchains created?

All the transactions are grouped together into a block in which the users compete to solve a cryptographic puzzle and add a data block of a transaction to a chain of previous blocks.

Similarly, more blocks are added after user agreements into the existing chain. All future blocks are connected and dependent to the previous one and it is impossible to delete previous entries. Hence Blockchain is immutable.

What are the use cases of blockchain?

All transactions in blockchain are visible and it solves the problem of verifying that the buyers have the trading asset they claim. Cutting the role of a third party and actually saving us time and money. These features allow individuals to interact and trade for digital assets in an authentic environment.

Similarly, this technology can be applied to Audits, Supply Chain Services collection of taxes, healthcare and a lot of other places with a widespread adoption.

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