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Wednesday, 15 January 2020

What is Blockchain technology ?



Blockchain technology is a decentralized and distributed approach for recording digital assets in a ledger format. Distributed ledger technology is known as blockchain technology. Through the cryptographic hashing and distributed ledger, the blockchain technology makes the digital assets unaltered. It implies through this wonderful technology the distributed ledger history would not change. The best example of blockchain technology is Google docs as the document is created and transferred to many people. All have access to change or modify the document and these changes are reflected in the real-time scenario. In the blockchain technology, no one is locked for changes done by the other party.

This decentralization of the document makes everyone to access the data file at the same time. All the changes are completely transparent to each and every people to whom the google doc is shared. This approach of decentralization is called blockchain technology.

Blockchain is more complicated than Google docs. In the blockchain, digital assets are not copied or transferred. This allows real-time access, as the changes may reflect instantly.

Blockchain is trustworthy and promising technology. It helps in reducing risks from fraud.
Blockchain is a revolutionary technique. Blockchain is the whole process of sharing valuable data to others also if you do not trust them.

Blockchain consist of three major concepts: - 1. Blocks 2. Nodes 3. Miners. Every blockchain chain has built from multiple blocks. Each block has data and a 32-bit whole number is called the nonce. A nonce generated the cryptographic hash when the first block is created. Miners create blocks on a chain through processing called mining. Nodes are a very important part of distributed ledger via the nodes. Therefore, blockchain is the scalability of trustworthy technology.

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