What is Blockchain Technology?

What is Blockchain Technology?

Now, the issue of digital currency has been raised a lot in India because some time ago the Finance Minister of India has announced that digital currency will be legalized in India, if you have heard the name of digital currency then You must have heard the name of Blockchain Technology, but do you really know what Blockchain Technology is and how it works? What is Blockchain Technology? 

Blockchain Technology is a platform where not only digital currency but also any thing is converted into digital form and its record is kept. If we understand in simple language then Blockchain Technology is a digital ledger on which Transactions also take place, they are connected to the chain and they are visible on every computer. It is also called Blockchain because it collects data in groups and these groups are also called blocks. Every block is limited. There is storage capacity, so when a block is filled, it gets connected to the previously filled block. Similarly, a complete chain of data is formed, hence it is called Blockchain. It is also called the Backbone of Cryptocurrency. You might be wondering what is cryptocurrency?

What is Cryptocurrency?

Cryptocurrency is a virtual currency which was launched in 2009 and the first cryptocurrency was Bitcoin. Cryptocurrency is not like real notes or coins, that is, you cannot hold it in your hand like money nor in your pocket. You can keep it in currency, but it remains safe in your digital wallet, hence it is also called online currency.

Benefits of Blockchain Technology:

• Security
• Immutability
• Traceability  
• Transparency
• Efficiency

Applications of Blockchain Technology:·

• Cryptocurrencies
• Real estate
• Voting
• Healthcare
• Supply chain management  

The future of Blockchain Technology:

Blockchain technology is still in its early stages, but it has the potential to revolutionize many industries. As the technology matures, we can expect to see even more innovative applications emerge.

How does Blockchain Technology Work

This is a chain of blocks that contain data. Each block has a cryptographic hash of the previous block. This hash is generated on every transaction and is a string of numbers and letters. Hash is a connection that is made between numbers and letters. Converts the input of letters into an encrypted output of fixed length, this hash depends not only on the transaction but also on the hash created before it in the chain.

If even a slight change is made in the transaction, then a new Hash is created, that is, if any tampering is done with the data of the blockchain, then all its settings change and with this the manipulation in the record can be detected, hence This is a secure option, Blockchain is spread over many computers and every computer has a copy of the Blockchain. Where are the nodes of these computers?

By checking these nodes, we find out whether there has been any change in the transaction. If the nodes approve a transaction, then that transaction is written in the block. These nodes form the infrastructure of the blockchain stores, spreads and preserves data.

A Full Node is a computer-like device that has complete information about the history of blockchain transactions. The blockchain updates itself every ten minutes. Now let us know how blockchain is important for Bitcoin.

How is Blockchain Important for Bitcoin

Blockchain for Bitcoin is a specific time database that stores every Bitcoin transaction. In cryptocurrencies like Bitcoin, the blockchain spreads the options of this currency on the computer screen, making it possible to operate this currency without any central authority. It is possible, its use reduces the risk significantly.

The blocks in Bitcoin store the data of Monitoring Transactions, but Blockchain is also reliable for storing other types of data. There are many fields in which Blockchain can prove to be good and in that It can improve the services of the sector, like if we look at the difference between banking and blockchain, then most of the financial institutions work only five days a week, that is, if you want to deposit a check in those remaining two days. you can't you have to wait

Apart from this, even if you have to deposit a check on working days, it definitely takes time. In such a situation, through the transaction through Integrated Blockchain in the bank, this entire process can be completed in ten minutes, if seen in the field of Medical. By using blockchain, any patient's report can be easily stored in it.