What is blockchain technology and how does it work?

 What does blockchain technology mean?

Blockchain technology is a digitally distributed, decentralized, public ledger system that records/stores information in such a way that it is very hard or impossible to change or hack the system after the information is stored. The main purpose of blockchain technology is to allow digital entries or information to be recorded, stored, and distributed but not to be edited. It is a digital ledger of transactions that is distributed across the entire network of systems available on the blockchain.



How does blockchain work?

A blockchain is a system that collects information together in the form of groups which are known as Blocks, which themselves hold different sets of information. It is a proper system that works in a specific way as these blocks, which collect the information, have their own certain amount of storage capacity and when this storage is filled, it is automatically closed and linked to the previous filled block. In this way, they form a chain of data which is known as the blockchain.


It is a step by step process as explained below:

·        Suppose an authorized participant inputs a transaction, which must be recognized by the system.

·        And now this action will create a block that represents the specific transaction.

·        This block will be sent to every computer node in the network.

·        Then these nodes will verify the transaction and will add this block to the already existing blockchain.

·        This update will be distributed across the whole network, which then finalizes the transaction. 

And whenever new information is recorded it follows the new freshly added block which will be eventually added to the chain once it is filled. Once a block is added to the blockchain, it can be referenced in successive blocks, but it cannot be changed.


Applications of blockchain technology:

·        Blockchain technology is very programmable.

·        The identity of participants is kept as synonyms.

·        Any type of validated record is irreversible and cannot be changed.

·        All the participants in the network have a copy of the data for complete transparency. 

·        All the records are highly secured.

Advantages of blockchain technology:

Blockchain technology has started being used in many different industries. The companies are adopting the technology very fast. The rate of adoption is highly increasing. And many companies are going to use this technology very soon because of its increasing demand and benefits. Some of the benefits are given below:

·        Nowadays many industries are exploring blockchain-based applications as they are quite secure and it is a money-effective way to manage a large and distributed database and to maintain records for transactions and other imported data. 

·        Blockchain technology is a revolutionary technology as it helps to reduce the risk level to almost zero and put an end to fraud and bring complete transparency.  

·        One of the biggest uses of blockchain technology that has been seen so far is cryptocurrencies. It has been a craze of blockchain technology because of the most popular “The Bitcoin”. 



 

 

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