What is blockchain

What is Blockchain: Bitcoin is a cryptocurrency and Philahal is quite popular. It is seen as an alternative to the common currency. The technology of cryptocurrency is how Blockchain works. Today we will understand it.

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The technology that cryptocurrency Bitcoin works on called Blockchain. It is the blockchain that Bitcoin secure & decentralized.
What is Blockchain: Blockchain technology is quite old, In 2009, Satoshi Nakamoto gave the theory to use Bitcoin for cryptocurrency. Who is Satoshi Nakamoto is a mystery? He published a paper about digital currency based on Blockchain.

Blockchain can use & not only in Bitcoin In many other sectors. It secures, safe, &decentralized technology that almost impossible to hack & tamper with.

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The value of bitcoin can be gauged from the fact that in 2010, the value of 1 bitcoin was less the just US $ 0.06 (about 2.85 rupees), Now the value of 1 bitcoin has crossed 3 million. How did this happen? Apparently, blockchain is secure and popular.

What is blockchain, how does it work and how secure is it?

It is the same thing as the name. There are many blocks in it and they are connected to each other – this has become blockchain. Each block contains data, hash, and hash of the previous block. Now tell you about the hash of data, hash, and previous block.

The data that resides in the Bitcoin blockchain is actually the transaction details in that data. Information like sender, receiver, and account is kept in it.

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Data, hash, and hash.

After the data comes the number of hashes. You can think of a hash as a biometric which is unique to everyone. Your face ID cannot match anyone else, similarly, this hash unique. If there is any change in the block, it changes the hash.

All blocks connected to each other virtually. This is a system in which there is no scope for tampering. Even if someone wants, the information of the blockchain cannot change.

The hash of the previous block – A block hashes of the previous block of this, a chain of blocks formed. They connected to each other.

If you change the data of one block, You have to change the data of the other block as well. If it not done the blocks cannot remain connected among themselves. It is not possible to change the data from all the blocks in the world. Hackers can do anything.

What is proof of work?

Computers have become powerful that by calculating, they change the hash. To prevent this, there is proof of work in the blockchain. This is a method that slows down the formation of fresh new blocks. It takes about 10 minutes.

Proof of work is a protocol or method that verifies transactions in a way. Bitcoin miners live with very powerful computers that solve a lot of complex mathematical problems.

The miner who first solves him gets a reward in the form of bitcoin. This may take 10 minutes. This problem is actually done to validate transactions in a block.

The good thing about blockchain is that it is not centralized. Distributed in millions of computers around the world called the peer to peer network.

Here transaction information reaches all the people…

As someone adds a new block to the blockchain, its information goes to all the people who are connected to the blockchain system. These details are not shared by anyone’s personal details location at all.

Bitcoin is a cryptocurrency that completely de-centralized & no one controls it. As we conduct transactions through UPI, the bank has complete control over it. Even the control of your money is with the bank and the government.

One does not have control… ie the danger is less.

The bank invests your money in the market and earns money. If the government wants, then the 2000 note kept in your hand will invalidate. For all these reasons, the idea of ​​blockchain-based bitcoin was published by Satoshi Nakamoto.

Transaction records made in Bitcoin do not pass to anyone, go to millions of computers and are encrypted.

The bank has data for all its customers. How much money is there for which person’s account? Talking about Bitcoin, this is not the case here in the blockchain. Here no one has the details of everyone, instead, everyone has the details of everyone.

You have four friends and are giving each other money in bitcoin. If you have 1 bitcoin left, then this information will with all the blockchain-connected users. The transaction will fail as soon as you try to send 2 bitcoins.

Not everyone has your book account, which means that everyone knows your name and address. Your personal details are encrypted

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