Blockchain Technology – What Is It
When we refer to blockchain technology we are talking about a digital ledger of market’s transactions,
which is available in public domain.
Each transaction is referred to as “block” and they are recorded in a sequential fashion. They then form
a chain consisting of digital blocks.
They were created initially for the purpose of tracking, verifying and maintaining different types of
Today the concept of blockchain also is applied to various other businesses and industries.
It is being used for activities like proof of ownership,
authentication and also for voting and for tracking the origin of diamond.
More Details of Blockchain
The ledger book in a blockchain scenario is decentralized.
It makes use of peer-to-peer network of individual computers.
This helps to verify and process each transaction. To make things clearer,
it is perhaps equal to copying a spreadsheet to 10 computers located around the world.
When a buyer buys a widget and payment is made by the buyer to the seller through digital currency,
the entire transaction block is encrypted electronically.
This is then submitted to all the 10 computers for approval.
Each of the 20 computers checks the veracity of the encrypted transactions.
When the approval comes,
the record is then added and made part of the next row as far as the spreadsheet is concerned.
Each of these sequences of transaction is referred to as blockchain.
Understanding Security Network (Peer to Peer)
The above network in a peer-to-peer situation is a great takeaway and showcases the power of
This is because each and every transaction must be verified and submitted by the entire group.
If there is a doubtful transaction is accepted by one of the computers but rejected by others
belonging to the group,
then such a transaction will not get added to the blockchain.
In other words, the transaction will not be authenticated.
All the approved transactions within a blockchain are linked permanent to each and other this improve security
situation quite significantly.
It cannot be edited or deleted.
Hence, unauthorized transactions will never be possible.
Blockchain has a better record of safety and reliability of transactions when compared to
transactions being captured centrally.
This is done because of technology and also because of the right use of code,
tools and other set of access tools.
How To Find Information on Blockchain
When you visit Investing.com and go to the Cryptocurrency News Page you will get
the required information about the blockchain development and innovation.
The relevant industry activity will also be found.
The homepage also gives information about charts, tables, and links to other useful bits of information.
Written By : YOUSSEF J A ALMEER
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