Cryptocurrency has become the new hot thing in financial markets across the globe. Many countries are also discussing its legitimization. A blockchain system is essentially a distributed ledger which allows for transparency in transactions. The inability to remove anything from the ledger further secures the same.

Blockchain Explained: How Does It Work?

The way cryptocurrencies work is referred to as blockchain technology. It creates distributed ledgers that can only be altered in one direction. No changes can be made to the previous entries which makes it highly secured. The longer the chain is, the more secure it becomes as it has a larger number of transaction validations. Each member of the blockchain is independent of the others and has no connection between them, making it completely anonymous.

Blockchain Wallets

Without a wallet, your money is just going to fall out of place- a concept that applies to cryptocurrency too. Blockchain wallets are protected by respective encrypted private keys which can only be accessed with the corresponding private key. Since a blockchain transaction is nothing but a record in the secure blockchain ledger, stealing your money (cryptocurrency in this case) is improbable. One would require a supercomputer with more than half the computing power of the entire block chain to be able to steal money from your wallet; the supercomputer would not be fast enough to steal anything as blockchain technology constantly updates all transactions.

Blockchain Ledger

A blockchain works by keeping a record of every single transaction ever made on the chain. No previous transactions can be altered, and no new transactions can be faked as every transaction is encrypted by an entire network of computers. Every time someone tries to steal or create any fraudulent transactions, they are competing against the whole network.

Gridle Let’s You Build Your Own Blockchain System

Gridle is the leader in the field of blockchain testing, which is essentially testing the strength of your blockchain’s encryption and computing power. A blockchain system is only as strong as the added computing speed of every computer involved in the chain. The more number of transactions there are, securer your ledger is. Thus, any blockchain system is vulnerable if fewer computers are a part of it, and the ledger has fewer transactions. Blockchain technology has a massive impact on SaaS sector. Make use of Gridle’s blockchain expertise and develop a blockchain system for your
company.