What is Blockchain Technology?

         Blockchain technology is quite complicated and has caught the attention of financial companies around the globe. Blockchain is in essences a way to move data in a safe low cost process. With a blockchain database. the data can be backed upon potentially thousand of computers all over the world, for much much lower cost. The information in this databases is heavily encrypted and sometimes files and broken up into pieces, so even if one piece is expose it will not expose the entire file.

         Developers and financial institutions have discovered multiple applications of blockchain including moving money abroad, signing contracts, clearing complex financial transactions and as a medium for micro-payments in emerging countries. Blockchain is a publicly visible, anonymous online ledger that record every transaction. Its maintained by a network of "MINERS" whose computers perform the calculations that validate each transaction, preventing double-spending. The miners earn a reward of newly issued coins. The pace of creation is limited.