What is Blockchain?

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

 

Blockchain was originally developed as the accounting method for the virtual currency Bitcoin. Blockchains use distributed ledger technology (DLT) in a variety of commercial applications.

The technology is primarily used to verify transactions for digital currencies to create an indelible record that cannot be changed. The record’s authenticity can only be verified by the entire global server community that collectively have to agree that a series of transactions forming a block has not been altered. If for example, even one single alphanumeric character in the history of the block is ever changed, then the entire block becomes invalid. This technology has far superior security and dramatically increased processing speed compared to the a single centralized authority. It is this technology that makes the Rewardzzz ecosystem operate effectively with the ability to scale globally.

Today, there are hundreds of blockchains that service different purposes in verifying transactions and ownership of anything of value.

Rewardzzz is built on the Stellar blockchain. The Stellar blockchain provides the most cost-effective and high volume processing required for the Rewardzzz universal reward points infrastructure