g to send funds, the recipient provides you with their unique transaction request. Each transaction will incur a small fee. Transaction fees are in place to account for the mining fees and the blockchain infrastructure.
A blockchain wallet uses multi-level security measures to ensure that the contents of your blockchain wallet are safe at all times. The first level prevents users from losing access to their accounts through the creation of a 12-word backup phrase. The backup phrase can function in place of a forgotten password. The second security level prevents other individuals from accessing your blockchain wallet. You can do this by linking your phone number to your account. Finally, the third step gives users the ability to block Tor requests.
Getting to Know the Distributed Ledger
Blockchain can be challenging to grasp because it’s the technology underlying other, better-known applications. In other words, the distributed ledger is a platform you can use to democratize voting, streamline a supply chain, store data, create a currency and much more.
Unlike most technology, the collective, rather than an individual, controls it. This eliminates the need for third-parties in virtually all transactions.
Today, more industries than ever are transforming with blockchain. In other words, it’s only the beginning for the distributed ledger.