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#Bitcoin | #Ethereum | #Litecoin | #Ripple

What is Blockchain and how does it work?​

It works with Blocks, where as a spreadsheet works with “rows” and “columns”. A block in a blockchain is a collection of data. ... Blockchain is a distributed ledger, which simply means that a ledger is spread across the network among all peers in the network, and each peer holds a copy of the complete ledger.  

What is the advantage of Blockchain?

Many industry leaders have already achieved significant business benefits, including greater transparency, enhanced security, improved traceability, increased efficiency and speed of transactions, and reduced costs.  Blockchain brings transparency and immutability.

What industries are using Blockchain today?

  • banking (including hedge funds, global payments, letters of credit)

  • messaging apps

  • voting

  • internet identity and DNS

  • ride sharing

  • legal

What is the difference between Blockchain and cryptocurrency (digital currency)?

Blockchain is the platform which brings cryptocurrencies into play. The blockchain is the technology that is serves as the distributed ledger that forms the network. This network creates the means for transacting, and enables transferring of value and information.

Cryptocurrencies are the tokens used within these networks to send value and pay for these transactions. Furthermore, you can see them as tool on blockchain, in some cases serving as a resource or utility function. Other times they are used to digitize value of an asset.

Blockchains serve as the basis technology, in which cryptocurrencies are a part of the ecosystem. They go hand in hand, and crypto is often necessary to transact on a blockchain. But without the blockchain, we would not have a means for these transactions to be recorded and transferred.

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