In this article i will explain about blockchain. What is blockchain, types of blockchain, How blockchain works. lets’s get the overview first, What is blockchain.
Blockchain is the progressive database generation base core of nearly all cryptocurrencies. By spreading parts of identical copies of a database across a whole network, blockchain makes it very hard to hack or cheat the machine. At the same time as cryptocurrency is the most popular use for blockchain presently, the technology offers the capability to serve a totally wide variety of programs.
What is Blockchain?
At its center, blockchain is a digital ledger that is distributed in different parts equally and can stores any kind of data. Blockchain can record sensitive information like transactions of cryptocurrency, Smart contract of DeFi or ownership of NFT assets.
Almost any database has ability to store these type of information but blockchain stand out with its decentralized program. A decenterlized blockchain store data on different computers across the network unlike a simple office that hold all its business data on one location or computer. Term call nodes are referred to are individual computers.
How Does Blockchain work?
In term of Blockchain Chain mean a digital ledger that’s made by individual blocks of data. That’s why its called Blockchain. Fresh Data (digital ledger) periodically added to network then a new block being created and simply attached to chain.
These blocks are the key to be considered a Blockchain highly secured. For Cryptocurrency majority of nodes must confirm and verify data to new block so it can be added to ledger chain. They must have to ensure that new transaction on a block is not fraudulent so the coin should be spend more then once.
These transactions are totally secured by using of cryptography, Individual computer (Nodes) must solve the cryptography (a mathematical equations) to process one transaction on blockchain.
“As a reward for their efforts in validating changes to the shared data, nodes are typically rewarded with new amounts of the blockchain’s native currency e.g., new bitcoin on the bitcoin blockchain,” says Sarah Shtylman, fintech and blockchain counsel with Perkins Coie.
Public Blockchains Vs Non-public Blockchains
There are two types of Blockchain Public Blockchain (Decenterlized) non-public Blockchain (Centerlized).
In a public Blockchain (Decenterlized) open for all means people can participate and they are able to write study and audit the information on blockchain. That’s why data are distributed on different nodes across the network and no authority are computer controls that data.
Private Blockchain are controlled and managed by an enterprise or organisation.simply they decide who are invited to centerlized blockchain they give them authority to modify the blockchain. Data are stored in a single office unlike Decenterlized blockchain.
Blockchain are widely used in niche Technology. More and more people are being connected to blockchain business but the future of blockchain is also depend on government policies.
You might like: What is Metaverse VR, ways to use metaverse
You might like: List of Bitcoin Mining Software’s 2022
you might like: How to Mint Free NFTs on Ethereum Blockchain
you might like: List of crypto exchanges centerlized/decenterlized