What Is Blockchain Technology?

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source: careers with stem

The creation of blockchain technology picked a lot of people’s interest; soon others realize that this technology can be used for other things like storing medical records, e-notary, and collection of taxes, etc. In simple words blockchain, as the name suggests it is a linear chain of blogs, it is a digital ledger that stores information of transaction that takes place over the web. Here every block contains data in the form of coding that is organized chronologically so this is the simplest definition to understand what blockchain is.

About blockchain technology?

Blockchain is a chain of blocks that contains information; each block of the chain contains data like a hash of the block and hash of the previous block. The data stored in the block depends upon the type of the blockchain-like in cryptocurrency it contains data of transaction made by the sender, receiver and the amount in which they traded. The hash of the blocks can be compared with a fingerprint because it identifies the block and all of its contents and it is unique all the time.

ABOUT BLOCKCHAIN TECHNOLOGY
SOURCE: 101 BLOCKCHAIN

Once the block is created its hash is been calculated, a change inside the block will cause the hash to change. Hash is a very important thing when you want tech changes in the block if the fingerprint of the block changes it will no longer be the same block. The last element in the blockchain is the hash of the previous block and this adequately forms a chain of the block and this technique will make this blockchain so productive and secure. Blockchain uses a p2p network (stands for “PEER TO PEER”. In p2p network the “peer” is computer systems which are connected to internet networks.), also, everybody is permitted to join those systems, and on the off chance that somebody join those systems he gets the full duplicate of that system. The nodes can use this to verify that everything is still in order and if someone creates a new block then it will be automatically sent to every node, each node than verify it that it hasn’t been tampered with and if everything check-out then each node will add that block to their blockchain.

ABOUT BLOCKCHAIN TECHNOLOGY
SOURCE: NIMBLEPROJECT

Every node in this chain makes accord; they concur which block is substantial and which are not. Block is tempered with are dismissed by other nodes. To successfully tempered with the blockchain you need to be tempered by all the blocks of the blockchain and again do the proof of work for all blocks and take control of at least 50% of p2p network and make sure that your tempered block will accept by everyone else, so this is almost impossible to do blockchain are always constantly involving, one of the most recent developments is the creation of “SMART CONTRACTS” these contracts are simple programs that are stored on the blockchain it can be used to automatically exchange coins based on certain conditions.

Information Source: Simply Explained

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