Blockchains are the base level, critical infrastructure for Web3 products and services including cryptocurrencies andNFTs.
Blockchains are more secure than other forms of data storage due to their distributed ledger. To update the ledger requires a sequential updating of a cryptographically secure and verifiable transaction. This transaction is checked and verified by a network of peers operating on a shared set of rules. This reduces the chance of a single point of failure and makes it much harder to fool or hack the system.
Shared ledger technology is nothing new, however, it was only when Bitcoin saw its meteoric rise to fame that we saw the first truly decentralized ledger resistant to censorship and outside influcence.
The short version of blockchain tech is that it is simply a global consensus system. People can cooperate and coordinate directly with one another without having to pass information or sensitive details through a central administration establishment.
While the tech may have been around for a while, we're all still early in the full development of blockchain.
At DeRev, we're continuing to monitor the developments in blockchain technology to help you understand where this exciting new technology is heading.
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