How does Blockchain Technology works??

Hello users, This blog is about Blockchain Technology.Very few people have knowledge about this, but there are many of people around without knowledge of this,So let’s know about this… Let’s start from the beginning

What is Blockchain Technology??

It is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset.
In simple language the Blockchain Technology means it’s a digital record of transactions and data structure that holds transactional records while ensuring security, transparency, and decentralization. Blockchain technology is what powers and supports the digital currency.

Blockchain consists of three important concepts:

  • Blocks
  • Nodes
  • Miners
Blockchain technology

Blocks:-
Every chain consists of multiple blocks and each block has three basic elements:

  • Data
  • Nonce
  • Hash

Nodes:-
One of the most important concepts in this technology is decentralization.

Nodes can be any kind of electronic device that maintains copies of the blockchain and keeps the network functioning.

Miners:-
Miners create new blocks on the chain through a process called mining.

The first major application was bitcoin which was released in 2009. Bitcoin is a cryptocurrency and the blockchain is the technology that underpins it. A cryptocurrency refers to a digital coin that runs on a blockchain.

The blockchain behind bitcoin is a public ledger of every transaction that has taken place.

Blockchain

Here, Some facts about bitcoin

  • The bitcoin blockchain is “decentralized,” meaning it is not controlled by one central authority.
  • It is not issued by a central authority.
  • The identity of bitcoin creator Satoshi Nakamoto remains a mystery.
  • There is a limit of 21 million.
  • Currently just over 17 million are in circulation.
  • The bitcoin blockchain is maintained by a network of people known as miners.

Leave a Comment

%d bloggers like this: