What is Blockchain:
Blockchain technology is the type of RECORD-keeping tool where the information is stored. It was invented by a person whose name is “SATOSHI NAKAMOTO”, This is also referred to as a peer-to-peer network. And this is a growing list of records. Every block contains a hash of the previous block, transaction data and also has a timestamp.
“Here the charm is every block of the blockchain are tied up with one another”
First of all these computers verify all of the transaction one-to-one methods and then it is added to the block (it means information) and these blocks are added into the blockchain and downloaded on each of the computers so this way the computer keeps this blockchain safe and secure.
Every pinch of data has a time stamp on it here the data cannot be altered and also millions (worldwide) computers are managed by blockchain technology.
Something special in blockchain?
There is no central authority- In this block everyone has collected their information because the data is stored in multiple places.
Open Type- Here the information is very transparent, with nothing to hide, Everyone can see their information.
No cost of the transaction- Does not carry the transaction cost, here the technology has eliminated the third party.
Shatter It Into:
These recorders are in the “order of chronological” it is also referred to as CHAIN OF BLOCK so the transactions are added in the group of chains.
The block has several transactions it’s just similar to the record keeping.
Did you know about HASH?
“Hash=String of Numbers and Letters”
Here the transactions are recorded in this type of form, the hash collects all the information about the transaction from current and past transactions. Hashes cannot be changed and the output of transactions is immutable.
Once transactions are added into the blockchain they need to be verified, this verification process is done in the mechanism of “CONSENSUS” which allows all nodes who are joined in this network. So this blockchain is “autonomous and decentralized”.
Is this Secure to Use:
Blockchain technology has an immutable cryptographic chain and it cannot be corrupted, without the go through the verification process, the data cannot be altered. The data are securely stored by using the process of cryptography.
The data are identified by the public key, By using these public keys who all are in the network they can see the transaction, and also the data is so transparent.
What’s the algorithm name called?
Yeah, That is the “ CONSENSUS” algorithm that is used to achieve the single data value or a system, which is involved in multiple reliable nodes, and also it solves many other issues, it supports many other real-world systems.