Blockchain technology has been making waves in the world of finance and technology in recent years. It is a distributed ledger system that enables cryptocurrencies and digital payments.

However, for those who are new to the concept, understanding what blockchain technology is and how it works can be a daunting task. In this beginner's guide, we will explore the basics of blockchain technology and its potential applications.

What is blockchain technology?

Blockchain technology, as the name implies, is a chain of blocks containing digital information. This technology is the backbone of cryptocurrencies like Bitcoin and Ethereum. It is composed of three main components, namely private key cryptography, a distributed network with a shared ledger, and an incentive to service the …