In recent days Bitcoin and Blockchain have become a buzzword. Everyone should murmur about this technology. What is Blockchain? What is the use of it? How did they work? What problem can it solve? and How can they use? All peoples have doubt on these question who listen first time about Blockchain. Wait for sometime and know what’s special with Blockchain. I heard this word recently through my friend. It became popular in recent days and growing highly day-by-day. From this block know fundamental knowledge on regarding Blockchain. This blog explains What is Blockchain?
Take a small example to understand Blockchain. Take a Google spreadsheet and this sheet can share with each and every computer in the world through the internet. Every transaction must be recorded in this spreadsheet, everyone can access these spreadsheets through the internet with mobile or system. And, anyone can see the recorded data. But, one thing spreadsheet doesn’t allow to make a change in the information.
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As above discussed that, the same thing happens in the blockchain as spreadsheets have “rows”, and Blockchain has “Blocks”. The Blockchain is a chain of Blocks. It can be developed by Bitcoin by Satoshi Nakamoto in the year 2009. The process of Blockchain is the way it tracks the data and store information as a Block. And, add those blocks in a continuous line. The stored information in the Blockchain can view everyone but, no rights to change. Take a look on below I am going to explain a small introduction on Blockchain.
What is Blockchain?
A Blockchain is a collection of data: By connecting one block to another block, which stores every piece of data. Same as worksheet follow another row. The blockchain is a global online database. Everyone from everywhere can use through the internet. Because, the database can store on the internet so, we can access the data via the internet. In Blockchain, each block has three parts: Data, Hash, and Hash of the previous block.
Data can use to store the data(transactions) means, take an example. Person X transfers the money to the Person Y without any intermediaries. Those transaction details will secure with blockchain. Hash can take the user fingerprint. Hash of the previous block, with this technique they can secure the data mostly. The main reason why Blockchain is more popular? Let’s the following reason.
The issue with Banking system: In previous days, peoples face many problems with their transactions. The Banking sectors will charge high amount during transaction time. If it is a small amount no problem but, in case of a large amount, this will leads user unsatisfaction with the banking sectors. In India, there is a number of cases related to credit/debit card hacking. How Can Blockchain solve these problems? discussed in below
With Blockchain we can solve the above issues
Reduced transaction costs: Blockchain allow transferring the money without any third party. It doesn’t need any intermediaries.
Faster transaction settlements: With Blockchain the transaction process takes place very quickly as compared to the previous. Yes, Blockchain works 24 hours a day and seven days in a week. Blockchain works 24/7, transactions will be very fast. Without Blockchain when we send the money to another person using traditional banks, it takes days also when we transfer the money in weekdays. The fact that the financial institutions are work only five days a week. But, it’s not in Blockchain.
Public Ledgers: In Blockchain, the details of all transactions are taken by ledger. Those details are completely accessible to the everyone. Once we entered into a Blockchain, we have an option for complete access to download. If the complete ledger is publicly accessed, the data present in the Blockchain is completely anonymous. Finally, one thing I have to say is Blockchain is a backbone of the complete crypto-currency system. This Technology is used for other things also like medical records, collecting taxes, etc. I gave a small amount of information about What is Blockchain?
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