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What is Blockchain ?

Blockchain

                                       What is blockchain technology?

Blockchain sometimes called distributed ledger technology (DLT), Blockchain technology enables distributed public ledgers which keep complete data in a secure and encrypted manner and ensure that cannot be changed. Blockchain is based on a peer-to-peer (P2P) topology distributed ledger technology (DLT), which allows storing of data globally on thousands of servers and its difficult anyone to gain control. As blockchain is a public electronic register built on P2P system. This can be openly shared among different users to create an unchanged record of dealings, each time-stamped and linked to the previous one. 

Every time a set of dealings is added, that data becomes another block in the chain, that’s why it’s named blockchain. The name comes from its structure, every separate record called blocks, which are linked together in a single list which called a chain. So, A blockchain is a digital record of transactions. For recording transaction of cryptocurrencies such as Bitcoin and other applications, Blockchains are used. Every transaction added to a blockchain which validated by multiple computers on the internet. Its uses peer-to-peer network they work together to ensure every transaction is valid before adding to the blockchain. It ensures no invalid blocks added to the chain from a single system.

How a new block added to the blockchain?

Blockchain Blocks

Prior to understand this, we should know about cryptography. If you know about encryption then it will be easier to understand. Cryptography is nothing but a science of protecting information by converting it into a secure format. Means when you sending some information that should be converted into a secure format before transforming, in a simple word information will coded format. This is called encryption.

So, encryption is the process of converting data to an unrecognizable or encrypted form. It is mainly used to protect sensitive information so that only authorized parties can process it. This comprises any files, storage devices like your computer HDD or storage hard Disk, as well as data transferring over any public network, Wi-Fi networks and the Internet. When a new block is added to a blockchain, it uses cryptographic hash generated from the content of the previous block. So cryptography uses to add a new block to the old blockchain. As it uses the cryptographic has generated from to old blockchain this ensures the chain is never broken and that each block is permanently recorded. As this process stops the modification of past transactions in blockchain so all the blocks must be changed first. 

What is Blockchain used for?

Blockchain is a distributed, decentralised, digital register containing of records called blocks which are used to record transactions across multiple computers so that created blocks cannot be changed, without the alteration of all subsequent blocks.

Blockchain mainly used in cryptocurrencies such as Bitcoin, Litecoin and Ether. Blockchain technology has other uses also.  It uses for smart contracts, when certain conditions are seen. This helps automated bond transaction between two parties. It also uses for stock trading by allowing instant settlement transaction instead of waiting three days for clearing. 

Blockchain also using for digital signature platform to record signature and verification of documents with digital signed. This can also be used to protect intellectual property (It refers to the ownership of immaterial and non-physical goods, which includes names, designs, logo or symbol, painting, name, writings, and other creations. It also refers to electronic media, such as audio and video clips which can be downloaded online) by connecting the distribution of content to the main source. 

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