Site icon Unocoin Blog

What is blockchain?

Blockchain, referred to as distributed ledger technology (DLT), makes the history of any digital asset unalterable and transparent through the use of decentralized and cryptographic hashing.

Now, let us understand blockchain by a simple example of Google Docs.

When we create a google document and share it with a group of people, the document is distributed instead of copied or transferred. This creates a decentralized distributed chain that gives everyone access at the same time.

This is just a simple example of blockchain as it is more complicated than Google Docs.

How does Blockchain work?

Let us start.

1. Imagine the blockchain as a digital database, just like an Excel spreadsheet.

2. This database is typically shared across a large network containing many computers (known as “nodes”) and it is completely public. We say “typically” because it can technically be formed by any number of nodes. The more nodes there are, the more secure the network is — that’s why it is good to have a large number of nodes running the blockchain!

3. Every time the network makes an update to the database, it is automatically updated and downloaded to every computer on the network.

4. Blockchain technology is secured with cryptographic techniques, making it nearly impossible for hackers to make changes to it. The only way to make changes would be to hack more than half of the nodes in the blockchain at the same time, which again, is why it is more secure to have more nodes/computers running the blockchain.

Advantages of Blockchain:

The main purpose of the blockchain is to allow fast, secure and transparent peer-to-peer transactions. It is a trusted and decentralized network that allows the transfer of digital values such as currencies and data. A few more are listed here:

Blockchain has also helped during the COVID-19 pandemic to securely store medical research data and patient information.

How will Blockchain benefit large industries?

If done right,

Blockchain in several other sectors include:

Also, blockchain has helped the insurance industry to automate its outdated processes and has helped in saving a lot of hours of paperwork each year.


Now, let’s brush up on what all we have learned about blockchain technology, and here are some important features to be remembered of blockchain:

A quick overview of Blockchain

Few words of getting blockchain explained:

Blockchain technology has changed many industries and will also change further and improve the way how the business operates. But that is not it. It will also change the lives of billions by giving them the ability to store and send money to each other.

Thanks to blockchain for making our lives simpler. If you are planning on purchasing some of the cryptocurrencies, check out Unocoin (

Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocu
rrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.

Love Crypto Coins. Love Unocoin.

Please find the list of authentic Unocoin accounts for all your queries below:


Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

Exit mobile version