What Is Blockchain And How Does It Work

Floyx uses blockchain for secure, decentralised data storage, providing transparency and consistency through a distributed database technology. Blockchain is a decentralized digital record keeping system that records transactions using a network of computers. Each transaction is stored in a "block" that is connected to previous transactions, creating a "chain." This chain is permanent, which means that once data is recorded, it cannot be changed later without affecting working blocks, ensuring transparency and security.

Blockchain's distributed nature reduces the need for a central authority, lowering the danger of fraud and manipulation. It serves as the foundation for cryptocurrencies such as Bitcoin, allowing for direct peer-to-peer transactions. Blockchain has uses outside banking, including supply chain management and voting systems, all of which promise improved productivity and trust.

Key Features of Blockchain Technology

Decentralization: Blockchain decentralizes authority from a single location to many locations. It eliminates confusion and the need for trust.

Immutability: Blockchain is like writing something down on paper. It can't be corrected when once done. If there is an error, we attach a new note that corrects it and becomes visible to every team member.

Consensus: This confirms that many people in the network agree with the transaction and records' accuracy.
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