Chika Wonah gives an explanation of how Blockchain technology works and why it is quickly becoming a valuable asset in a variety of industries

1. Chika Wonah
BLOCKCHAIN
TECHNOLOGY:
EXPLAINED

2. Many financial experts believe that
blockchain technology is why Bitcoin and
other cryptocurrencies are becoming
more popular. According to Lule
Demmissie, the president of the financial
firm Ally Invest, blockchain technology is a
transformative technology that can
transform the way people think about
more than just cryptocurrencies.
Blockchain technology is also expected to
change the way we live our lives.
Chika Wonah
INTRODUCTION

3. Chika Wonah
Even crypto skeptics believe that
blockchain technology has the
potential to transform the way we
do business. Chris Chen, a financial
advisor from Massachusetts,
believes that blockchain technology
will have a stronger hold on the
market than Bitcoin.
INTRODUCTION,
CONT.

4. Chika Wonah
A blockchain is a digital form of record-keeping
commonly used in cryptocurrencies such as
Bitcoin. It’s also used in other applications such as
financial transactions. A blockchain is a
distributed ledger that multiple people can
access. This record-keeping system allows users
to keep track of their data across multiple
computers. Unlike traditional record-keeping
methods, which require a central server to store
data, nodes can perform various tasks.
BLOCKCHAIN
DEFINED

5. Chika Wonah
Each blockchain block is organized into
groups of data or blocks. These groups are
linked to each other and form a chain. Each
block has its own unique code, which is
known as a cryptographic hash. This unique
code prevents unauthorized access to the
data within the block.
The information stored on a blockchain is
immutable, and it can’t be changed. This
means that if someone tampered with the
data, it wouldn’t affect the record held by
other nodes. This ensures that the data is
not altered for their own benefit. It’s almost
impossible to reverse engineer a blockchain
due to how it works. This means that it’s
virtually impossible to replicate its
computing power.
BLOCKCHAIN
DEFINED,
CONT.

6. Chika Wonah
For example, a consumer buys Bitcoin
and sends the transaction data to the
network of Bitcoin’s nodes. These nodes
then approve the transaction and form
a block added to the blockchain’s
growing list of transactions. Since
Bitcoin’s blockchain is public, anyone
who owns a Bitcoin can see the details
of its transactions. Its public record also
allows anyone with a computer to
approve transactions and record them
on the network.
HOWBLOCKCHAIN
ISUSED

7. Chika Wonah
Blockchains don’t have to be public, though. A private blockchain is designed to
prevent unauthorized changes and additions to the network. It can limit the number
of people who can access the data on the blockchain. This type of blockchain also
ensures that the data is secure. The idea of a secure, decentralized record of
information has attracted the attention of various industries. It could help solve
multiple issues related to record-keeping and data ownership.
HOWBLOCKCHAIN
ISUSED,CONT.

8. Chika Wonah
PREDICTIONSON
FUTUREUSESOF
BLOCKCHAIN
Blockchain technology can transform how people
store and manage their information. It can provide
complete certainty about the authenticity of the
data they’re storing. Recent stories about
celebrities and meme subjects cashing in on
digital property using non-fungible tokens (NFTs)
have raised concerns about the potential of
blockchain technology.

9. Chika Wonah
NFTs are digital assets that can be bought and sold using blockchain.
They can be verified by adding the transaction to the blockchain ledger
and becoming a verifiable record of ownership. This allows sellers to
verify the authenticity of digital works easily.
PREDICTIONSON
FUTUREUSESOF
BLOCKCHAIN,CONT.

10. Chika Wonah
One of the most promising uses of blockchain
technology is to secure the transfer of personal data.
For instance, if your bank’s data was stored on a
blockchain, it could be used to protect it. A
blockchain can also be used to secure the transfer of
financial data between different financial institutions.
It can be used to ensure that the data is secure and
accurate.
According to Chen, blockchain technology has the
potential to transform almost every industry. For
instance, an election could be conducted using
blockchain technology to prevent unauthorized
changes. Another promising use of blockchain
technology is to improve the accuracy of inventory
records. It could also help food producers track
recalled products and avoid exploited labor practices.
Its use in securing sensitive information also
illustrates the advantages of blockchain technology.
PREDICTIONSON
FUTUREUSESOF
BLOCKCHAIN,
CONT.

11. Chika Wonah
THANKYOU
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technology and innovation
www.ChikaWonah.net