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What is Blockchain ?

Blockchain technology

What is blockchain technology? Blockchain technology definition.

Blockchain technology 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. 

In Blockchain definition, Blockchain technology 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 technology  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, Blockchain technology is a digital record of transactions. For recording transaction of cryptocurrencies such as Bitcoin and other applications, blockchains are used. Every transaction in blockchain technology added to a blockchain which validated by multiple computers on the internet. 

Bitcoin

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 Blockchain Technology Work?

This has been observed that many businesses are integrating Blockchain technology but how Blockchain technology works? The developments of Blockchain are still new and having enough potential to be innovative in the future, so you should know about this technology.

In Blockchain definition, three leading technology combination develops Blockchain.

1.    1. Cryptographic keys for encryption. 

2.    2. Peer-to-Peer network comprising a shared book.

A 3. A computing technology involves storing the transactions and records of the network.  

Cryptography Keys

Cryptography keys used in Blockchain; it consists of two keys. One is Private key and second is Public key. These keys involve to help performing successful secure transactions between two parties. Keys uses as a identity between two parties and each individual has these two keys. Its used as a reference to produce a secure digital identity. In Blockchain technology this secured identity is the most important feature which ensure protected transaction. Its called digital signature in the world of cryptocurrency as an identity is referred and is used for authorizing and controlling transactions.

The digital signature ensures authorization of a deal by certifying through a mathematical verification, as a outcome of successful secured transaction between the two parties connected in network. Its uses a per to per network. Blockchain technology users uses cryptography keys to perform different types of digital communications over the peer-to-peer network.

          How a new block added to the blockchain?

Blockchain Blocks

Prior to understand this, we should know about cryptography and 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.

So its 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 and blockchain technology is secure for that.

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, WiFi networks and the Internet. 

In blockchain technology , 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 definition, it is a distributed, decentralized, 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 technology mainly used in cryptocurrencies such as Bitcoin, Lite-coin and Ether. Blockchain definition its described 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 technology also using for digital signature platform to record signature and verification of documents with digital signed. As per blockchain definition , 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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