Blockchain is a technological innovation in information registration and distribution. Blockchains are good for recording both static data (a registry) or dynamic data (transactions).
As for the registry, there are three ways of data storing on the blockchain:
- Unencrypted data that can be read by every member of the blockchain
- Encrypted data that can be read-only by owners of decryption keys
- Hashed data that can be presented alongside the function that created it
In general, the possibilities of blockchain technology are not limited to digital money. A blockchain is a decentralized and publicly available digital database. It can contain any type of information - from programs to documents. It is an open system with anonymous users. Nowadays, blockchain technology can be applied to various fields - from copyright protection and banking systems to diamond trading and the development of energy distribution systems.
What if we link transactions to the blockchain? In addition to the high transmission rate, the system boasts complete transparency. You donate your funds. Each digital coin is assigned a number by which you can track the entire path of your money: from transferring the funds to the wallet of a charitable organization to purchasing toys for orphanages or medicines for hospitals.