Blockchain Technology And How Its Work

Blockchain Technology , How Its Work,

Definition And Major Applications.

 

What is Blockchain Technology ?

1. Blockchain is a system or technology of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
2. Blockchain is a bitcoin block explorer service , as well as a cryptocurrency wallet and a cryptocurrency exchange supporting bitcoin , bitcoin cash and etherum.

How Blockchain Works ?

1.A blockchain is an ever growing list of records called blocks which are linked using cryptography. 

2.cryptography is a process which encrypts and secure data communication to prevent third parties from reading private messages. 

3.Blockchain is commonly used for cryptocurrencies. The technology has been adapted by satoshi nakamoto to implement the cryptocurrency called bitcoin.

4.Blockchain is distributed ledger available to everyone. Once the data has been recorded in a place , it will not changed. It works juist like a digital notary with timestamps to avoid tampoering of information.

5.A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT).

6.Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.

7.This means if one block in one chain was changed, it would be immediately apparent it had been tampered with. If hackers wanted to corrupt a blockchain system, they would have to change every block in the chain, across all of the distributed versions of the chain.

8.Blockchains such as Bitcoin and Ethereum are constantly and continually growing as blocks are being added to the chain, which significantly adds to the security of the ledger.

Blockchain Advantages

1. Zero Percentage of Fraud

2. No Government Interference

3. Instant Transaction

Blockchain Applications In Various Fields

1. Supply chain management.
2. Digital IDs
3. Healthcare
4. Wills or inheritances
5. Food safety
6. Digital voting
7. Data sharing