What is Blockchain Technology? how Blockchain work
hi everyone today I am giving you information about Blockchain technology.You may hear the word “blockchain technology” before, in reference to Bitcoin and other cryptocurrencies. For the uninitiated, the term might seem abstract with little real meaning on the surface. However, blockchain technology is a critical element of cryptocurrencies — without it, digital currencies like Bitcoin would not exist.
Blockchain works on peer-to-peer technology.The blockchain is a very rapidly growing topic in recent times and it is also quite complex, blockchain technology has changed the way of digital transactions, as well as its impact on the daily business of many big industries.
More recently, 2 words have come into circulation. The first is bitcoin and the second blockchain is related to the second one, but the system of both of them is quite different from each other.
Bitcoin is a one-on-one internet-based currency, which has no real existence and is the most famous of all cryptocurrency, which is a decent currency which helps the user in money exchange without any third party. Record of all bitcoin transactions resides in a public ledger so that there is less transparency in the system and the chance of being trusted and the frog is reduced and all this requires an intermediary which verifies all the transactions and blockchain technology.
The most common benefits of blockchain are "transparency" which is also peer-to-peer transactions that are recorded in the public accounting whenever a person transfers bitcoin, the details of that deal go to the public accounter which includes the source, destination and date/timestamp is all information is called block.
The transaction validity is determined by collective computing power miners and it is confirmed that the transaction is valid or not. Miners have a lot of powerful computers so that bitcoin verifies the transaction resulting in miners getting some share.
All the data of the miners transaction is checked by the hashing algorithm, this hashing algorithm solves heavy to heavy computer math and once a block solve has been verified and the transactions are verified, some parts of bitcoin at the end of the Rewards will be all those computer or miners It is said in which the participants took part in solving the block. And recorded in the verified block public accounter from which no other miners can be seen.
And this public ledger lives virtually everywhere with whom no one can tamper with. If you think that someone is tampering then the entire system will have to be waged together, which is an impossible task.
The need of blockchain Technology
With the help of Peer-to-peer connectivity on the Internet, we can easily transfer digital assets from one place to another. Let us understand with an example why the need of blockchain.
Suppose you have a bitcoin and you want to buy a TV from a store that accepts cryptocurrency but borrowed your bitcoin from one of your friends. Now tell me last month what will happen? This kind of blockchain was needed to prevent this kind of frog e can already send these bits and bytes to each other, what's the point of using a blockchain?
A block consists of a digital signature, timestamp, and relevant information, then it is broadcast on all the nodes in the network.