Recently everyone of us has heard about cryptocurrency, but do we know the fact or technology behind crypto or digital currency.
The technology is Blockchain, Blockchain can be defined as the technology which records our every information and detail in the form of blocks so that it is protected and unable to be modified by a third party.
Blockchain is a DLT (Distributed Ledger Technology) in this the transaction become unalterable cryptographic hashing.
Document/ Number of transactions are stored in a block and that block is connected to a chain. Like this for every transaction information is stored in that block. The record stored for every transaction is immutable. If hackers want to make changes in one block it won’t be possible. They have to make changes in the entire collection of chains, which would definitely be not possible.
Blockchain is transparent due to its decentralized nature. Anyone having a node or blockchain explorer can track bitcoin and know which transaction is occurring.
With the use of Blockchain, we came to an era of digital money like Bitcoin, Ethereum definitely in the coming time more such digital money would be launched.
Blockchain became popular because of its secure feature, nowadays when the entire world is moving towards the tech era. We want some feature which keeps our records more secure and safe.
Blocks are always stored linearly every new block is always added at the end of the blockchain. After chains of the block are added it is very difficult to alter the data as blocks contain their own hash, along with the previous hash code. If any hash code alters the hacker needs to alter the entire hash code. Due to the size of a blockchain network, alteration becomes more difficult.
Blockchain is growing in every field slowly There are some companies that have already incorporated blockchain include Walmart, Pfizer, AIG, Siemens, Unilever. Banking and Finance became the most prominent field of blockchain. By integrating blockchain into banks, consumers can see their transactions processed in as little as 10 minutes.
We can say blockchain will definitely bring a new era to not only the IT industry in fact in every industry.
– Written By Shivangi Pandey