"Blockchain is the technology that enables the existence of cryptocurrency (among other things). A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. Blockchain technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. Bitcoin is regarded as the first decentralized cryptocurrency using blockchain technology to facilitate payments and digital transactions. Blockchain forms the bedrock for cryptocurrencies like Bitcoin. By spreading its operations across a network of computers, blockchain allows Bitcoin and other cryptocurrencies to operate without the need for a central authority. This not only reduces risk but also eliminates many of the processing and transaction fees."

Rohith Madhu

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