Sunday, 27 September 2020

What is BLOCKCHAIN in simple terms

BLOCKCHAIN is a data structure that holds transactional record. You can also think as a chain of records while ensuring security transparency and decentralization. Each transaction generates a hash and each block refer a previous block and together make a blockchain.

               A blockchain also know as digital ledger that is used for record transactions across many computers.

              For a example the data which is stored inside a block depends on the type of blockchain Like bitcoin blockchain contains information of  Sender, Receiver and number of bitcoin to be transferred. 

            Blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin. The identity of Satoshi Nakamoto remains unknown to date.

            Bitcoin is a digital and global money system currency. It allows people to send or receive money across the internet, even to someone they don't know or don't trust. Money can be exchanged without being linked to a real identity. The mathematical field of cryptography is the basis for Bitcoin's security.

The Three Pillars of Blockchain Technology.
The three main properties of Blockchain Technology which have helped it gain widespread acclaim are as follows:
  • Decentralization
  • Transparency
  • Immutability

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