Blockchain

 Blockchain

Blockchain  is the technology that covers digital currency (like Bitcoin, Litecoin, Ethereum, and others). This technology allows digital information to be distributed and decentralized, but can’t be manipulated. That means each piece of data can only have one owner but many holders of the same data. 

Blockchain is a block is a record of new transactions. When a block is completed, it’s added to the chain. So, Blockchain is a way to save data and make it immutable.

 

How Does the Blockchain Work?

A blockchain is a distributed database that stores information electronically in a digital format and is shared among the nodes of a computer network.

 A typical difference between a blockchain and a database is how data is structured. A blockchain is a shared, immutable ledger as the name suggests structures data into chunks or blocks, and a database structures data into tables.

 A blockchain is a chain of blocks. Once a block is filled with data and it is chained to the previous blocks. Different types of information can be stored on the blockchain network but the most important is transactions. 

Benefits of Blockchain Technology:

• Time-saving: No central Authority verification needed for settlements making the process faster and cheaper.
• Cost-saving: A Blockchain network reduces expenses in several ways. No need for third-party verification. Participants can share assets directly. Intermediaries are reduced. Transaction efforts are minimized as every participant has a copy of shared ledger.
• Tighter security: No one can temper with Blockchain Data as it shared among millions of Participant. The system is safe against cybercrimes and Fraud.
• Collaboration: It permits every party to interact directly with one another while not requiring third party negotiate.
• Reliability: Blockchain certifies and verifies identities of every interested party. This removes double record, reducing rates and accelerate transactions.