Daily Blockchain gains more and more popularity across the world. As the world changes and so that technologies also changes. Stay with the technology curve and go ahead. Learning new technology gives the thinking and creativity. So that, we gain more knowledge and update with new technologies. Recently, I heard some news about Blockchain is Telangana Hyderabad announced that with Tech Mahindra Blockchain company started the partnership. It is first India’s Blockchain District. But, some peoples don’t know about this technology. Go with my previous blog, I explained what is Blockchain? why should we care? It is technology which can support the bitcoin and other cryptocurrencies. Now, these two are banned in India due to some issues. So, Blockchain also banned right? No, it’s wrong. I am going to explain How Blockchain Works?
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A number of opportunities are there for those who become expert in this technology. In future also there are several jobs for Blockchain. Hurry up! join this technology. Due to its amazing facts already peoples are going to join this technology. As I discussed in the previous blog, Blockchain is a chain of blogs. It tracks the data and stores the information in blocks and those blocks inked with a chain line. Blockchain creates trust in the data and no more intermediaries are required.
So, many peoples are confusion between Blockchain and Bitcoin. Bitcoin is one of the many implementations of Blockchain. With Blockchain world banking sector can save up $20 billion by 2022, these miracles will take place through the Blockchain. Once the data can be code into the Blockchain, no one can change it. The market of Blockchain in 2017 nearly $100 million. Developers expecting to grow the market to $20 billion in 2024. Take a look on below How Blockchain Works?
How Blockchain Works?
Let’s see how Blockchain works? Before going to know about Blockchain let’s see how bitcoin works. Because the working of Blockchain and Bitcoin is the same. In present days, many frauds happen due to the intermediaries. In transaction time, the receiver does not receive full amount due to some cuttings. To avoid this fraud, Blockchain came onto the market. In this technology, no third party is available, in the place of the third party cryptographic take the responsibilities of online transactions. Each transaction will take care of cryptographic through a digital signature. Using the public key of a sender every transaction details will send to the private key of the receiver. Every node receives every transaction and finally saved to the public ledger after verification is completed. Verification is compulsory before entering into the public ledger. Before recording the data each node makes a confirmation of two things:
Ownership of cryptocurrency by the sender
The order of transactions is shown to the node After the confirmation of two things. It eliminates double spending of cryptocurrency. As above discussed each and every block carry data. It will create new block automatically when the data is filled in that particular block. Each block has a connection and it can hold the transactions of every time. Because every block has the hash of the previous block. Suppose, we have multiple blocks in the blockchain, how does the network decide which block is next?
For this problem also Blockchain have a solution. It introduces a mathematical puzzle. Each and every block comes after this mathematical problem was clear. This process is called “Proof of Work”. During, the problem-solving time the errors will be very less. But math involved is a bit difficult to ensure the stability of the Blockchain. Still, Blockchain in the mainstream to solve the problems. Like financial regulations, complex implementations.
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