Are you aware about cryptocurrencies or bitcoin? I am sure once in a while you must have a thought of spending in this segment but before spending into this segment don’t you feel that you need to understand few things related to it such as:-
- Blockchain system which is used to maintain accounting for these cryptocurrencies.
- Return in this segment
Blockchain is a technology which helps in maintaining the business transactions in a manner that it is difficult for a hacker to hack the system.
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Define Blockchain:-
Blockchain is a type of shared database which has been used for the purpose of recording and maintaining the records of ledger which is shared among different computers through the computer network nodes.
These data are shared among different computers but in a manner that these cannot be altered by normal audiences.
The data of ledger maintained through this chain does not give direct access to the single person for doing any alteration; rather the access is been collectively retained by all the users using it for the goal towards a particular business transaction.
Since 2009, bitcoin and other forms of cryptocurrencies have been using the blockchain system as part of maintaining their ledger records.
Although for currencies like bitcoin these systems are used in a manner that the ledger accounts and transactions related to bitcoin are permanently visible to everyone and can be seen by anyone.
Working of Blockchain:-
We all are aware of spreadsheets and database systems and this system of blockchain is quite similar to these as in this as well transactions are filled and recorded in the same manner. Although both of them have one major key difference and that is how the data is structured in both the platforms for the purpose of accessing it.
Blockchain system uses a program called scripts for the purpose of conducting the tasks one would keep in the database. This information is further used for the purpose of accessing the information and entering it into the database and storing and saving it somewhere else.
A blockchain is a shared system of the same database which means there are various or multiple copies of the data which has been stored on various computer nodes but the data on each and every copy must match and must be similar.
In this system a transaction information is entered which is known as a block and it is put in all the spreadsheets and once this is full then this information is run through an encryption algorithm.
Further in this the hash is entered which is followed in the blocks in order to encrypt the same with the other blocks.
This entire process has been done completely together to create block chain systems and this is how it works.
