The blockchain is a decentralized ledger technology that creates a Peer-to-Peer network of interconnected nodes which is not controlled by any central system. Blockchain comprises a series of blocks that are electronically linked to form an extensive database. Each block stores a small patch of data and is encoded with cryptography. The number of blocks keeps growing as new data is generated. Blockchain also creates a permanent, immutable and tamper-proof record of data which can’t be deleted or modified at any time. Every node in the network retains a permanent copy of the ledger thereby offering a high level of transparency as well.
Blockchain is primarily used in FinTech industry for storing cryptocurrency transactions. The transactions are stored as digital records in a series of blocks. Each block is assigned a specific size limit and stores a small number of transactions. As the transactional data keep on increasing, new blocks are added. The use of Blockchain also provides transparency to the cryptocurrency network as the users can see all the transactions taking place.
Why Choose Oodles Technologies?
Oodles Technologies is an offshore Blockchain App Development company that offers world-class
With over 4 years of experience, we have attained excellence in this domain and we always look forward to work on new and challenging projects.