Things to know about blockchain

Blockchain is a technology that runs bitcoin. Bitcoin is a revolutionary cryptocurrency which is a digital payment system running on the blockchain technology. Blockchain is shorthand for a whole suite of distributed ledger technologies that can be programmed  to record and track anything of  value from financial transactions,medical records and land titles.

Blockchain :

Blockchain stores the information in  batches called blocks that are linked together in a chronological fashion to form continuous line metaphorically,a chain of blocks. If you make a change to the information recorded in a particular block,you don’t rewrite it, instead the change is stored in a new block showing the ‘x’ changed to ‘y’ at a particular date and time.

Blockchain was designed to decentralized and distributed across a large network of computers.This decentralized information reduces the ability for data tampering.Before a block added to the chain a few things has to happen

  • A cryptographic puzzle must be solved ,thus creating the block.
  • The computer that solves the puzzle shares the solution to all the other computers on the network. This is called proof-of-work.
  • The network verifies the proof-of-work and if correct block will be added to the chain.

Blockchain is a type of technology not a single network,it can be implemented in many different ways.Some blockchains can be completely public where everyone can view and access it.Others can be closed to a authorized users such as company,group of banks and there are hybrid public-private blockchains. Blockchain makes things transparent, democratic, decentralized ,efficient and secure.

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