Blockchain
Technology

What is Blockchain Technology?

It is very important to know about this. Before knowing about blockchain, let me tell you that this technology was brought after the arrival of bitcoin in the year 2008.

If we talk about bitcoin and blockchain, then there is a lot of difference between the two, about which we will know in today’s post. Blockchain is seen as a record in a block, and its information is available to everyone who is connected to that block.

In this present time full of technology, everything is growing very fast . And it would not be wrong to say that blockchain  technology is going to get a different position  in the coming time  , and at that time its importance will be different . So let us now know  every single information related to blockchain technology which is very important for all of you to know .

What is Blockchain Technology?

Blockchain technology is a technology based on Private Key, Peer to Peer Network and Blockchain Protocol.

Blockchain is used like a ledger  ( in technical language, Public Ledger )  where the information of any type of transactions  such as debit and credit is secure . Which can neither be deleted nor changed that information later .

Due to blockchain technology,  there is no need of any bank or any third party for transactions

How does Blockchain work?

Let us understand this- when any person deposits money, then the information of that person  gets secured in Ledger through block . 

Whose  entry is done in digital form . Which is kept secure through encryption . Due to which  the percentage of disturbances in Blockchain  Transactions  is greatly reduced .

This technology is very secure .  Due to which it is very difficult and difficult task to hack it . Due to which cases like cyber crime are very less here .

Difference between private and public blockchain

Let us understand what is the difference between the two-Public Blockchain –  Public Blockchain is a secure network, no  one has control in it, once the data is saved, it is difficult to change . Bitcoin is an example of this blockchain.    

Private Blockchain  – Unlike the public blockchain, its network in this blockchain is private. In which permission has to be taken from each node before any work. It is less secure than a public blockchain. Ripple is an example of this blockchain.    

In the increasing era of technology  and from today’s article, you must have understood how much and on what the future of blockchain is going to be based . With the advent of blockchain technology, it has started showing its importance in all fields .

But still many people have not understood it, because it is different from normal technology .  But in the coming time it can be made a little easier .

Now some companies in India have  started the process of transactions through blockchain . And many types of arrangements are also being made to ensure that there is no error in it .

Friends, in today’s blog we  learned about blockchain technology  and I hope you must have learned something .  You like this post  What is Blockchain Technology? If you like it then please share this post . If there is any error in this, then do tell by commenting .

What is Blockchain Technology and how does it work?

If you are interested in cryptocurrency , then at some point you must have heard about the term Blockchain Technology . One who keeps all the records related to cryptocurrency with himself. Its security is such that no bird can kill you, meaning that it is still impossible to break into its security and this is the biggest reason due to which money It has become the most accessible medium for popular organizations to see the transactions.

So friends, in today’s article, we will learn, what is this blockchain technology? (What is Blockchain Technology in Hindi) and how does it work? (How does Blockchain Technology works in Hindi) Along with this, I will share some other important information related to it, which is necessary to understand its need in the modern world.

What is Blockchain  Technology?

Blockchain technology is a shared and immutable ledger that facilitates the process of keeping track of transactions and tracking of an asset across a business’s network. These assets can be real or tangible such as a house, land, money or car or it can be unreal or intangible such as an intellectual property, a branding, a patent of a product. In either of these, anything that has a value of its own can be used for trading transactions on the blockchain network or a database of them. It also brings down cost with very little risk.

Talking in simple language, Blockchain is a kind of database in which all the information is kept on a server which is made up of very powerful computers. Thousands of computers are used to create such a server so that many people can access this database at the same time so that it can increase the functionality and storage capacity.

When we make a document and share it with anyone, then we do not transfer its copy with anyone, but distribute it and share it. In this, such a distribution chain is created in which many users can access a document at the same time at the same time. Any change in the document by anyone is recorded at the same time so that everyone can know about the changes made in it.

Blockchain Technology: A Brief Explanation

  • Blockchains store data in the form of blocks that are connected to a chain network.
  • As soon as any data comes in it is entered in the block and when the block is filled with data it is appended to the previous block. These data are interconnected like a chain network in chronological order.

Various types of information can be stored on the blockchain network but in the case of cryptocurrency it is used as a ledger for transactions.

  • The data of decentralized blockchain is immutable. As in the case of bitcoin, its transactions are permanently recorded and can be viewed by anyone.

Why is Blockchain Important? , Why Blockchain is important in Hindi

It is very important to have enough information to run any business. The faster it is available and the more accurate the better. Blockchain technology is an ideal medium for making such information accessible to the public as it stores an immutable ledger and shares the information. This information reaches other users quickly and transparently, which can only be monitored by members of a permitted network.

An order, payment, ledger, production as well as much more can be easily monitored on the blockchain network. You can see the transaction details end-to-end in it as the members of the blockchain network share the same approach. In this process, you get more confidence and opportunity to share the information.

Take bitcoin for example, as you know it is designed by the blockchain network itself. Even in bitcoin, no single person can monitor it, it is also monitored by an entire network. Due to this, it cannot be copied, hacked or re-spent and this is the main reason why its investors trust it so much.

Key Features of Blockchain Technology 

Distributed Ledger Technology | distributed ledger technology

All the participants in this network have access to its immutable and distributed ledger. Under this distributed ledger, transactions can be recorded only once. So that attempts of duplicate transactions can be avoided in this.

Irrevocable records

Once a transaction is entered in the Distributed Ledger  , no one can change or tamper with it. If there is any mistake in the records of any transaction, then a new transaction has to be shown for its rectification. And both these transactions are visible on the network.

Smart Contracts | smart contract

To maintain the speed of fast transactions, some series of rules are made which are called smart contracts. It automatically performs the given tasks and is stored on the blockchain. A smart contract defines the terms for the transactions.

Internal Link – Newtimezone

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