A to Z of Blockchain Technology

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By admin March 31, 2019 10:00

A to Z of Blockchain Technology | Everything About Blockchain

Blockchain Technology

  • It is the creation of a person or group of people known by the pseudonym, Satoshi Nakamoto.
  • It allows digital information to be distributed. It cannot be copied.
  • Blockchain technology has created a new type of internet.
  • Initially, it was used for, Bitcoin,
  • It is a time-stamped series of immutable record of data that is managed by a cluster of computers
  • It is not owned by any single person/group.
  • Each of these blocks is secured and bound to each other using chains.
  • “Blocks” on the blockchain are made up of digital pieces of information.
  • Blocks store information about transactions, like date, time, and rupee amount of recent purchase from Flipkart.
  • Blocks store information about who is participating in transactions.
  • Blocks store information that distinguishes them from other blocks.
  • Each block stores a unique code called a “hash” that sets it apart from every other block.
  • A single block on the blockchain can actually store up to 1 MB of data.
  • The primary use of blockchains today is as a distributed ledger for cryptocurrencies, notably bitcoin.

Why it is disrupting the industry?

  • The blockchain network has no central authority.
  • It is a shared and immutable ledger,
  • The blockchain is transparent.
  • A blockchain has zero transaction cost.
  • The blockchain is a simple way of passing information from a point to another point.
  • One party initiates the process by creating a block.
  • This block is verified by millions of computers distributed around the internet.
  • The verified block is added to a chain, which is stored on the net.
  • Blockchain may be used for selling music, air tickets, E-books etc.
  • In the financial world it is a revolution because block chain is a safe ledger without any transaction fee.
  • The block chain database isn’t stored in any single location.
  • No centralized information means a hacker cannot do any corruption.

Types of blockchains There are three types of blockchain networks — public blockchains, private blockchains, and consortium blockchains.

admin
By admin March 31, 2019 10:00