Blockchain is a transformative technology for storing and transferring information in the form of successive chains from transaction blocks. Blocks are included in a single database, which is automatically updated with each new transaction.

Simply put, blockchain is a database that simultaneously runs on thousands of computers (nodes) , so that each of them always has up-to-date information. This helps achieve decentralization, i.e. there is no "main server.", or single point of risk.

The main principle is transparency of all performed transactions (each participant can view any transaction for any time) with impossibility to change them for previous periods. Each block in this database contains information about the previous block. Therefore, it is impossible to change the information in a separate block "retroactively" as this will affect all previous blocks up to the very first one.

At the stage of its emergence, the blockchain technology was used exclusively for cryptocurrency, and a bit later, was adopted by certain banking institutions. Today in its development, the new system has deeply penetrated our daily lives. Platforms for blockchain-based business app development allow monitoring the observance of copyrights, tracking the manufacturing processes of a certain product to ensure its compliance with the stated standards, not to mention absolutely all financial transactions.

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Outsource blockchain development

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Blockchain projects development requires the developers not only to know programming languages, but also to have a deep understanding of decentralized apps and cryptography principles.