What is Blockchain
Blockchain is a type of database, do you know about a database, then we tell you what a database is, a database is a collection of information that is stored electronically on our computer system. This information/data in the database is in a table format. column as
So that any data or information can be easily found, simply a spreadsheet is also in table format but spreadsheet is designed for only one person whereas database can be used by many users simultaneously.
The record-keeping technology of bitcoin is called blockchain, it relates to other forms of banking and investing in addition to currency like bitcoin.
The purpose of a blockchain is to allow digital information to be recorded and distributed, but not to be edited.
This technology was developed by Stuart Huber and W. It was introduced by Scott Stornetta in 1991 but the first real world application to blockchain came in 2009 with the launch of bitcoin.
Why is it called block chain?
Blockchain is to collect information or data in groups which are also called blocks and all the blocks have different limited storage capacity, so as the blocks are filled, they get connected to each other and so on. The chain of data is made, it is called block chain and the elements of the block chain together form the chain, which also knows its working method very well.
How does Blockchain work?
Blockchain is a chain of blocks in which data or information is stored. All blocks have a cryptographic hash of the previous block. it occurs
This transaction does not depend only on the hash, but depends on the transaction hash created before it, if anything is changed in the transaction, then its hash value also changes and a new hash value is created, due to which changes in the data. Knows Has Value is a Secure Option
Blockchain occurs on many computer systems and each computer has a copy of the blockchain called nodes. These nodes form the infrastructure of the blockchain. They store, spread, and preserve the data of the blockchain. Let’s do a device like a full node computer which has a full copy of the data transaction history and the blockchain keeps updating every 10 minutes.
How useful is blockchain for bitcoin?
Blockchain for bitcoin is a specific type of database that stores transaction data. It happens
Blocks of the bitcoin blockchain store the data or information of monetary transactions; the blockchain is relatable to store other types of data. can make
For example , if you look at the difference between banking and blockchain, most of the work in a financial institution is five days a week, which means that if you want to deposit your check in the remaining two days, then you will have to wait but you will work in working days. Even if checks are deposited, the transaction may take more time.
In such a time, all these transaction process can be completed in 10 minutes by integrating blockchain in the bank. can be stored easily and securely and when the medical report is generated and signed it can also be written on the blockchain
This provides proof to the patients that their records can no longer be changed and all these records can also be used as private keys when using them on the blockchain, thereby maintaining its privacy and the use of blockchain in the supply chain and waiting system can also
In supply chain suppliers can keep records of purchased material in their blockchain to verify the authenticity of that material thus preventing election fraud using blockchain even in modern waiting system and through blockchain protocol Transparency can also be created in this process, similarly it can be maintained in many sectors.
Advantages of blockchain
Through transparency technology, accuracy can be improved, the removal of third party verification can lead to cost reduction, so that data or information can be kept secure.
Disadvantages of blockchain
Blockchain is not free, due to its speed, it can do limited transactions every second, it is also used in illegal activities.
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