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What is Blockchain Technology?

Posted on April 25th, 2018 by EM Search Consulting

If you’re familiar with the wide arrange of available cryptocurrencies, it’s likely you’ve heard of blockchain technology. Over the years, it has evolved into the backbone of not only a new internet but also one of the most cutting-edge technologies in the world: cryptocurrencies. It is now easy to buy cryptocurrencies everywhere, such as by utilizing our Bitcoin ATM in Los Angeles. But do you really understand what blockchain technology is? Here’s what you should know.

Blockchains Hold Shared Information

Just like a Google spreadsheet, Blockchains contain shared information stored in any location. This means it’s easy to verify and keep track of the information; plus, there’s no one single controller, thus no single point of failure. Blockchains rely on the internet as their main source of functionality, and the internet has a pretty good track record of being a reliable source.

Two Main Points of Difference

Did you know that the blockchain network checks in with itself every 10 minutes? It’s called a “block” chain because the group of transactions that occur within each time frame is called a “block.” There are two main things that set the blockchain apart from other features on the internet: transparency and incorruptibility. First, it is transparent because everyone has access to view the entire public network. Second, it’s extremely difficult to corrupt the network because you’d need a ton of computer power in order to override the network.

There are multiple forms of blockchain adaptions currently available or in development as we speak. Thanks to blockchain technology, you can buy Bitcoin via our ATM in Los Angeles and beyond. If you have questions about blockchain or other cryptocurrencies, RockItCoin can help!