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What is Blockchain Technology?

What is Blockchain Technology?

Think of a Blockchain as a method of record-keeping like a spreadsheet or ledger

“Blocks” on the blockchain are made up of digital pieces of information

The block contains a collection of data, a hew hash, and a hash from the previous block

Blockchain represents the data as a chain of blocks.

The data is determined by the type of blockchain. Bitcoin is the most popular network build on blockchain.

Bitcoin’s data records the details of the sender, the receiver and the number of digital coins.

The next part of the information is called a HASH.

HASH is what recognizes/finds the block and what the block has.

Think of it as a big number key which encrypted output of a fixed length.

The last part of the information is the HASH from the previous block.

The first block in the Blockchain is called Genesis Block.

Other critical security features: Blockchain is distributed on a peer-peer network, Cryptographically Secured and Add-Only.

Which means the ledger is spread across the whole network and no central authority to control or manipulate data.

So when a new block is created it is sent to everyone on the network to verify.once it has been verified it is added to the blockchain.

This is what’s called consensus. The agreement reached among all participating peers/nodes on the network.

Many enterprises and government institutions are already using blockchain technology.

The current blockchain trend is serving the healthcare, insurance industries in many ways.

Private, Public, federated, permission and permissionless are different types of blockchain.

Blockchain went public in 2008

Social media giant Facebook is the newbie in the year 2019 to announced its own digital currency ‘Libra’, powered by blockchain technology.

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