Many people think of blockchain as the technology that powers bitcoin, while this was its original purpose, blockchain is capable of so much more. In this post, Vitex capital will give you a simple explanation of blockchain in just 100 words.
A blockchain is a cutting-edge technology that functions as an open, decentralized database. The users enter the information into this database, which is then recorded on the blocks. Each block serves as a mini-repository for transaction data. After the users (also known as nods) have generated a sufficient number of blocks, they are linked together in a chain. Thus, a great number of chains combine to build an almost impenetrable ecology.
The primary purpose of the network is to carry out transparent peer-to-peer financial and data transactions. The blockchain has already found application in many areas of social and economic life.