Butterfly

Define blockchain technology

Blockchain technology is a ledger of decentralized data that is securely shared.

 Blockchain technology enables a collective group of selected participants to share data. With blockchain technology, transaction data from multiple sources can be collected and shared. The data is divided into common groups that are associated with unique identifiers in the form of cryptographic hashes. Blockchain technology provides data integrity with a single source of truth, eliminating data duplication and increasing security.

 In a blockchain system, fraud and data tampering are prevented because the data cannot be changed without the permission of the quorum of the parties. The blockchain ledger can be shared—but not changed. If someone tries to change the data, all participants will be alerted and they will know who is making the attempt.