Yes, I am talking about the same bitcoin, whose price of 1 bitcoin is more than 25 lakh rupees. If you know a little about bitcoin or cryptocurrency, then it will be very easy for you to understand about “What is Blockchain Technology” and “How does work Blockchain Technology”.
Blockchain is a technology with the help of which the entire cryptocurrency runs. You can also consider it as two sides of the coin. Just like a coin cannot exist without both sides, in the same way both blockchain and cryptocurrency work together.
I have told you in the previous article that what is Cryptocurrency? What is Bitcoin? How does Bitcoin work? If you haven't read that article yet, then read it now.
What is Blockchain Technology?
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| What is Blockchain Technology? |
You can call Blockchain a database or digital ledger. Both the database and digital ledger have the same function. Where a lot of data is collected and kept.
Blockchain is a technology where transactions of digital currency are saved and kept. Let us understand blockchain technology by taking some examples.
Example 1. When we withdraw money from our bank account, money is entered on the passbook given by our bank. All entries are saved on your bank passbook that when and how much money is withdrawn from your bank account.
Similarly, when we do cryptocurrency transactions, all its entries are saved in the digital ledger. We call blockchain technology.
Example 2. You must have gone to pay the fees of your school yourself one or the other time. So you must have seen that when you pay your fee at the counter, then your head must have written your fee on a register.
On that register, all your month's fees, dates, etc. are written in details. We call that register Ledger. Where the information about your entire month's fee is available.
Similarly, there is also blockchain technology. The only difference is that in your school it is a physical ledger and in the blockchain it is a digital ledger .
Who invented Blockchain technology?
Blockchain technology was first designed in 1991 by two mathematicians Stuart Haber and W.Scott Stornetta. It was launched in 1992.
But in 2008 Satoshi Nakamoto made it more safe and secure. Satoshi Nakamoto is a Japanese engineer. And he was the one who invented bitcoin.
Bitcoin and blockchain technology were simultaneously launched in the market in 2009. After that it gradually became popular.
How BlockChain Technology Works?
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| How does Blockchain Technology work? |
It consists of many blocks which are connected to each other. All these blocks contain data, bio-matrices, transaction details from the user.
When many such blocks are connected in one chain, then it is called blockchain technology .
blockchain every block our data are such that Transaction details, Sender details, Receiver details, account details of It keeps entry.
After this the hash is found in that block. Hash means that your biometric details like your photo, Aadhar card, PAN card, name, etc. are found.
Your data is stored on all computers. When you do a transaction, this computer analyzes your data in the whole system, then only after that completes the transaction.
Blockchain technology is so safe that there is no chance of fraud in it. or is not equal in quantity.
When we transact bitcoin or any cryptocurrency, a very hard equation is given at that time. Which the miner machine solves. The cryptocurrency is transferred from one account to another only after the equation is resolved.
To solve this equation, you must have a PC or laptop with a good processor. And whoever solves that equation, he is given some bitcoin in return. And this is called bitcoin mining.
Where is Blockchain technology used?
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| Where is Blockchain Technology used? |
Right now blockchain technology is very popular. Currently, blockchain technology is used in many tertiary sectors such as public records , banking, buying and selling of land, education, product coverage details, storage collection , etc. Blockchain technology is used in the tertiary sector. .
Advantages of Blockchain Technology
If you have saved your own data in it, then it is difficult to change or tamper with it again. Not difficult is impossible.
There are many frauds happening in online transactions on the internet . Sometimes online people's accounts get hacked. But hacking the stored data in block chain technology is also a difficult task.
Your data is all in blocks. And to hack you have to hack all the blocks together. Which is still impossible.
Because all the blocks are a super computer and hacking the super computer is not so easy. If the hacker hacks any one block, then he will not get any information. Because all the blocks are connected to each other.
Whenever you do a transaction in a cryptocurrency, all the transaction details of the sender and receiver are stored in all the blocks or nodes of the blockchain.
Scam and corruption are almost negligible in Blockchain technology.
Disadvantages of Blockchain Technology
It does not have any major disadvantages, but we should always be careful.
This technology works independently. Meaning the government of any country does not have any role on this technology.
If you ever have to file a complaint, then you cannot file a complaint against it.
If you have sent money to any other account by mistake, then you cannot get that money refunded again .
Frequently asked questions
Is blockchain technology safe?
Yes, Blockchain technology is completely safe and secure. In this, any type of scam or fraud is absolutely negligible.
What is Public and Private Blockchain?
Public Blockchain is an open network. Meaning that there can be any add in it. And everyone can see all the movement patterns happening in the nodes (or blocks).
The same private block chain would have been the exact opposite of the public block chain. It is a centralized network. To access which you must have permission from its head.
Can Block Chain Technology Be Hacked?
No, it is very difficult to master Blockchain technology. Because all super computers are used in this, which is a very popular computer computer. Which is negligible to hack.
What did you learn today?
What is Blockchain? How does Blockchain Technology work? Is technology safe? Blockchain technology is a type of digital ledger.
In which all the user's transaction details are saved in one place. This is also a safe and secure technology .
Which is kind of impossible to hack. Blockchain consists of many blocks which are also known as nodes.
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