OKXCryptoWhat is Blockchain

Understanding Blockchain

What is Blockchain?

A blockchain is an electronic database, or ledger, in which records are stored in blocks of information that are linked together to form a chain. Each block consists of data and, with blockchain technology, each entry in the database is directly linked to the previous one using advanced cryptographic functions. This means that previous entries, in theory, cannot be altered, as doing so would cause the functions to no longer work — breaking the chain. While blockchain technology has been discussed since the 1990s, blockchain investment first picked up steam with the introduction of Bitcoin in 2009.
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what is blockchain

The Benefits of Blockchain Technology

Blockchain is not Just Bitcoin
blockchain immutability

Immutability

Blockchains are immutable, which means that they are nearly impossible to alter.
blockchain transparency

Transparency

When blockchains are public, like with Bitcoin, transaction records can be seen by anyone.
blockchain security

Security

Because records on blockchains cannot be altered, fraud and theft are made significantly more difficult.

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Invest in a blockchain's cryptocurrency on the OKX website or with the app.
OKX is secure

It's secure

Your blockchain investment is safe with OKX's advanced security.

Blockchain Technology and Security

Why Blockchain is Secure

Blockchains are innovative solutions for storing transaction-related information. Blockchain technology gets its name from the fact that records are stored in blocks of data that are linked together to form a chain. What makes a blockchain immutable, meaning that it cannot be altered, is the fact that each transaction record is directly linked to the previous one using advanced cryptography. The encryption that blockchain technology relies on is one of its strongest security features.

Each entry on a blockchain is encrypted into a hash — i.e., a string of letters and numbers of a fixed length. When a new transaction record is added to a blockchain, both the previous transaction and the new one are run together through the cryptographic formula to generate a brand-new hash. This process continues indefinitely — and because each new record is dependent on the previous one, records cannot be altered without breaking the formulas or the protocol.

FAQs

How is money stored on a blockchain?

What is blockchain technology used for?

Are blockchain and Bitcoin the same thing?

How are blockchains kept secure?

How do I make a blockchain investment?

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