Blockchain Technology
Blockchains are incredibly popular now a days ! If you are regular user of social media and internet, then surely you are already very much familiar with the word "blockchain" ! isn't it ?
But what is a block chain ? How do they work ? what problem do they solve and how can they be used in our daily life ?
like the name indicates, a blockchain is a chain of blocks that contains information.
Basically, blockchains are growing list of data or records, called blocks which are linked to each using some cryptographic hashing method, where each next block contains a cryptographic hash of previous block, this way these blocks are linked to each other, and forms a chain of block, called blockchain.
this technique was originally stated by a group of researchers in 1991. The intention was to timestamp the digital document so that its not possible to manipulate them or to backdate them.
however, after that due to lack of attention it remained under the shades, until it was adapted by Japanese scientist Satoshi Nakamoto in 2008 to create the 1st ever successful digital Cryptocurrency named Bitcoin.
like the name indicates, a blockchain is a chain of blocks that contains information.
Basically, blockchains are growing list of data or records, called blocks which are linked to each using some cryptographic hashing method, where each next block contains a cryptographic hash of previous block, this way these blocks are linked to each other, and forms a chain of block, called blockchain.
this technique was originally stated by a group of researchers in 1991. The intention was to timestamp the digital document so that its not possible to manipulate them or to backdate them.
however, after that due to lack of attention it remained under the shades, until it was adapted by Japanese scientist Satoshi Nakamoto in 2008 to create the 1st ever successful digital Cryptocurrency named Bitcoin.
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| Blockchain Technology |
A block chain is a distributed ledger which is open to anyone.
Yes, it is open source , anyone can use it or modify it, as per need.
They have some interesting property!! Once some data has been recorded inside a blockchain, it becomes very difficult to change it.
