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Blockchain Technology

What is Blockchain Technology?

Blockchain technology may be a system of recording information in a way that creates it difficult or impossible to vary, hack, or cheat the system. Blockchain technology is actually a digital ledger of transactions that are duplicated and distributed across the whole network of computer systems on the blockchain technology.

blockchain Technology may be a backlinked decentralized and distributed database of encrypted records so if these words were difficult for you to understand then let me break it down for you blockchain Technology may be an arrangement where each block is linked to a different block in a time-stamped chronological order it’s an append-only transactional database not a replacement to the traditional databases every node keeps a replica of all the transactions happened within the past which are secured cryptographically all information once stored on the ledger is verifiable and auditable but not editable it’s also highly fault-tolerant as there’s no single point of failure as blockchain Technology didn’t conceptualize as the single separate entity itself it was the backbone of technology of bitcoin so allow us to attempt to understand this with a use case of bitcoin and how it helps to securely transfer this digital gold consider a bitcoin transaction where James transfers five bitcoins to his friend Kevin within the network now this transaction is broadcast to the bitcoin blockchain Technology network and the special nodes called miners who take up this transaction from the pool of unconfirmed transactions validate it and add it to their block here suppose Lisa and Robert are miners they verify the transaction within the network and group the verified transaction during a block and start competing in solving a posh mathematical puzzle called proof of labor if Lisa is that the one to solve the puzzle first she will broadcast the block to the entire network the other miners validate the block and every node unanimously agrees to the current state of the ledger each updating the record independently thus James and Kevin get a verification a message that the transaction is completed the transaction thus becomes a part of the universal distributed ledger or blockchain technology and for her conceptual work, Lisa is rewarded with the newly created bitcoins the current reward for every block is 12.5 bitcoins so the digital money is transferred from one person to a different without the utilization of third parties we use in our conventional system isn’t that tremendous yes blockchain technology for all its virtue isn’t a replacement technology possibly it’s an amalgamation of potent technologies during a new way so what are those technologies one among them is cryptographic algorithms bitcoins are secured with strong state of art cryptographic mechanisms everything stored on the blockchain is encrypted to offer you a far better idea of how it’s utilized in blockchain let’s revisit to our previously a discussed example where Kevin transfers 5 bitcoins to James this transaction goes into the network is the sort of an encrypted message this message is exclusive for each the transaction now you’d ask what makes the message unique it’s because the transaction is signed by the sender’s unique key called as a personal key hence the digital signature distributed network blockchain uses a distributed network where two or more nodes work with one another during a coordinated fashion in order to realize a standard outcome, all users on the blockchain are nodes or peers who maintain their own ledger in the distributed architecture the transaction is transmitted peer-to-peer transmission of transaction across the network takes around one to 2 seconds faster transaction process makes the validation process swift for the peers, this ultimately leads to faster transfer of digital assets program or the blockchain protocol blockchain uses network servicing protocol for smooth and secure running of the system, the nodes serve the network by maintaining a record of transactions the verification process is often customized for every blockchain basically, it’s the consensus mechanism that governs the network of blockchain for example proof of labor in bitcoin blockchain the consensus basically does two things it ensures that the subsequent block during a blockchain is the one and therefore the only version of the truth and it also keeps powerful advertisers from derailing the system okay in order that was about blockchain

Blockchain Technology
https://pusjv.com/blockchain-technology-that-changed-my-life-forever/