Blockchain is a system that records information that is impossible to change or hack. It is a decentralized system in which the record of the ledger or all entries is taken into every computer involved in the transaction.
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What is blockchain technology?
Blockchains are known for their use in cryptocurrencies and they build trust among their users. Blockchain is first used in Bitcoin. In a blockchain network information is stored in blocks and these blocks have limited storage capacity when filled new blocks are added. it is linked to previously added blocks forming a chain.
There is a difference between databases and blockchains. A database stores information in the form of tables while the blockchain stores information in blocks that are linked to each other.
Bitcoin is the best example of blockchain, It is decentralized because no one person controls it rather all its users have control over it or you can say it is run by people.
How does it work?
Blockchain information is stored digitally as transactions that can not be edited, altered, deleted, or destroyed.
The first use of blockchain was in Bitcoin in 2009, After that the blockchain concept exploded and now it is used in cryptocurrencies, smart contracts, non-fungible tokens, decentralized finance, etc.
If there is an error in the transaction then a new transaction is added to reverse the error which is visible to everybody else. Blockchain is transparent to everybody else which builds people’s trust in it.
Blockchain is a distributed ledger technology and all members of blockchain have access to it. A transaction that is added to the blockchain can not be deleted.
What is a block?
Block is the part of the blockchain where data of transactions is permanently recorded. A block records the data that is validated by the network after the validation the block is closed. The information in the block is permanent and can not be altered.
How is a block created?
Miners create new blocks on the chain and verify the transactions through the process of mining. Every block in a blockchain is unique and contains the references of the previous block’s hash, making it difficult to mine in long blockchains.
What is block time?
It is the time that is taken to create a new block in the blockchain. A block is verified by the miners that compete to solve the hash. Proof of work is the mechanism by which you get a reward after solving the hash for a block.
What is decentralization?
In the blockchain network, decentralization means that the power is in the hands of its users. Decentralization means the transfer of control from the centralized entity to the distributed network.
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More on Blockchain technology
David Chaum first proposed a similar blockchain protocol in 1982 in the form of digital cash. It allowed its users to obtain digital currency from a bank and use it in a way that is untraceable by any third party.
Satoshi Nakamoto introduced the decentralized blockchain in 2008. Nakamoto used the Hashcash method to timestamp without any third-party signature. He used the design in the cryptocurrency bitcoin which is the public ledger for all its transactions.
Blockchain is a database that is managed autonomously along with the use of the timestamping server.
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