What is Blockchain? How Blockchain Works? Blockchain Benefits & Tutorials.

Friends, have you heard the name of your Blockchain? If not, then it doesn't matter. You must have known about Bitcoin for sure. So simply understanding the Blockchain will become easier for you because the record-keeping technology of bitcoin is called Blockchain. It is related to other forms of banking and investing besides Cryptocurrency like bitcoin, so it is better that you know about it. For this, you have to complete this post.

What is Blockchain?

What is Blockchain?

Friends, this Blockchain is a kind of Database. And what is this database? A database is just a type of collection that is stored electronically on a computer system. In this database, information and data are kept in a table format to search and filter certain information easily. Even if the spreadsheet is also in table form, the database is different because the spreadsheet is designed for only one person. At the same time, any number of users can use the database at once.

The purpose of Blockchain allows digital information to be recorded and distributed. But it does not permit editing. Blockchain technology was first released in 1991 through Stuart Haber and W. Scott Stornetta. But Blockchain first came to the whole world with bitcoin in the year 2009. That is, Blockchain technology was first used in bitcoin in the year 2009.

Why is it called Blockchain?

Friends, Blockchain collects the information in groups, and these groups are also called blocks. Each block has limited storage capacity, so when a blog is filled, it goes and joins the previously filled block, forming such a data chain. And that's why it's called a blockchain.

How Blockchain Technology Works?

This blockchain technology is a chain of blocks that contains information. Each block has a cryptographic hash code of the previous block. And this hash code is generated on every transaction, and it is a string code of the number and the latest hash code. A connection outputs the input of letters and numbers in a fixed word to an encrypted word. This hash depends not only on the transaction but also on the transaction hash formed before that in the chain. If even a tiny change is made in the transaction, then a new hash code is created; if any attempt is made to tamper with the Blockchain's data, then all its settings are changed. In this way, the rigging of the record is detected. That's why it is a safe option.

This Blockchain Technology is spread over many computers, and every computer has a copy of the Blockchain. These computers are called nodes; these nodes check the hash code and determine whether there is any change in the transaction. If more nodes approve the transaction, then that transaction is written in a block; these nodes form the Blockchain's infrastructure, storing, spreading, and preserving the blockchain data. A full node is a computer-like device that has a full copy of the transaction history of the Blockchain. This Blockchain updates itself every 10 minutes.

How is Blockchain Useful for Bitcoin?

Blockchain is a kind of database for bitcoin. In a cryptocurrency like bitcoin, which stores every bitcoin transaction, the Blockchain in currency option is spread over a network of computers. Due to which it is possible to operate this currency without any central authority. Its use also reduces the risk and does not incur any processing and transaction fees. The blocks in bitcoin's blockchain store the data of monetary transactions. But in reality, Blockchain is reliable to store another type of transaction data. There are many areas where Blockchain can be helpful and can improve service in many vital sectors.

What is the difference between banking and Blockchain?

Mostly five days a week, work is done in Financial Institutions. If you want to deposit your check two days after the week, then you will have to wait, and if you deposit the check even on working days, then the transaction can also take a lot of time. In such a situation, the transaction process can be completed in 10 minutes by integrating Blockchain in the bank. Fund exchange between banks and institutions can also be done faster through Blockchain.

Use of Blockchain in the Healthcare Sector?

In this, the patient's medical records can be stored securely using Blockchain. For this, when the medical record is generated and signed, it can be written on the Blockchain. This will give proof to the patient that their record cannot be changed anymore. These records should be started on the Blockchain. The private key can also be used so that their privacy can also be maintained.

Blockchain for Supply Chain and Voting System?

Apart from Banks and HealthCare, Blockchain can also be used in Supply Chain and Voting systems. Suppliers in the supply chain can record the materials they have purchased in the Blockchain, which can be used to verify the authenticity of those products. And at the same time, using Blockchain in the Modern Voting System can prevent fraud of vote collection, and transparency can also be created in this process with Blockchain Protocol. Thus Blockchain can be used in many sectors.

Advantages and Disadvantages of Blockchain Technology

Blockchain technology has many advantages and disadvantages. Advantages such as - Improvement inaccuracy can be done through this transparent technology. Removing third-party verification may result in a cost reaction. Transactions can also be kept secure and private. The disadvantage of this technology is that it is not free. Due to its speed, it can be kept every second limited school education and private, while the drawback of this technology is that it is not accessible; due to its speed, it can do limited transactions every second, and it can be used illegally. It is happening too.

Friends, It was such unique and essential information about Blockchain that you must have had. So do not forget to share it with your friend and family. And how was the article? Put a comment in the comment section below? Thank you!

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