Our Technology

Our Technology

The underlying technology of our platform is Blockchain. Blockchain is a ledger (sort of like a spreadsheet), but it is decentralized, which means instead of residing on a central server, each ledger resides with the participants. Blockchain can allow individuals and companies to make instantaneous transactions on a network without any middlemen. Transactions made on blockchain are completely secure, and, by function of the technology, are kept as a record of what happened. Cryptographic encryption algorithms ensure that no record of a transaction on blockchain can be altered after the fact.

Click Here for a very simple explanation of Blockchain

Blockchain can be explained as literally a chain of blocks. Those blocks represent data, held all together in a specific order. The data stored in the blocks includes information about a transaction (date, time, etc.), who is participating in the transaction (via a “digital signature“), and information that distinguishes an individual block from other blocks in the chain. This information is expressed as a unique code called a “hash.” Each block of data represents some new transaction on the ledger.

A blockchain is a record of transactions. Using blockchain, companies (or people!) can both make and verify these transactions.