Blockchain technology provides a digital, decentralized ledger of all transactions across a peer-to-peer network, where participants can confirm transactions without the need for a central certifying authority. This technology enables the existence of cryptocurrency (such as Bitcoin) as a digital medium of exchange, stored electronically in the blockchain, and using encryption techniques to control the creation of monetary units and verification of fund transfer.
Essential Skills & Abilities
- Understand how blockchain technology improves transaction-related processes
- Understand how cryptocurrency can be used in ecommerce transactions
- Evaluate the benefits available through use of blockchain technology