Blockchain TechnologyPosted by Drinkerrs on February 1st, 2022 Blockchain Technology is a structure in that store transactional details. Blockchain is growing list of records, called blocks and they are linked together called chain. Blockchain is defined as that contains information. This technique is intended to timestamp digital documents, so it’s not possible to backdate them. This blockchain is used to transfer contents like, money, properties, contract, etc. without requiring third party like bank or government. Once data is uploaded or inserted in blockchain then it is too much difficult to change it. This technology is managed by peer to peer network for use of publically. In this article you we are sharing you some things about Blockchain like Blockchain technology, how blockchain work, why it’s important, and how you can use it. What is Blockchain Technology? Blockchain technology is a structure that stores the transaction records. Typically storage is referred as ‘digital ledger’. In this ledger every transaction is authorized by the digital signature by the owner, which authenticates the transaction and protects it from tampering. Therefore, information with a digital ledger is extremely secure. In simple words in blockchain technology is used for the storing transactional history by using digital ledger. Digital ledger is like Google spreadsheet which is shared various computers in a network. In which all transactional records are stored on actual purchased. Main feature or we can say fascinating angle is that anybody can see data, but no one can corrupt it. In short blockchain is an incorruptible chain of box where each blogs contain data of value which is connected or validated by all nodes in the network, not by any central node. When any transactional information is stored in that blockchain can never be deleted or altered. Instead new block added to the chain to update the information. Suppose you are transferring money from your bank account to your family or friends. You will log in to online banking and transfer the amount to another person using their account number. Your bank updates the transaction record when the transaction is completed. That sounds simple enough, right? There is a potential issue that most of us ignore. Blockchain will be used in core banking while at the time of transferring or any transaction time. This type of transaction is happen very quickly, those people who are familiar with this type of transaction, hence the evolution of third party payment application or software developed in recent year, but this insecurity is why blockchain technology was originally created. In blockchain technology there will be all record keeping of data and transaction are a crucial part. Often, this information is handled at home or provided by third parties such as brokers, bankers or lawyers, raising business, time or cost. Fortunately, blockchain avoids this long process and facilitates faster movement of transactions, which saves time and money. Blockchain is important technology with many advantages in an increasingly digital word. Let see advantages of blockchain.
Traditionally, the transaction requires the approval of regulatory authorities such as the government or a bank; however, with blockchain, transactions are conducted with the mutual consent of users resulting in smoother, safer and faster transactions.
It uses the digital signature feature to conduct fraud-free transactions by making it impossible for other users to corrupt or alter a person\'s data without a digital signature.
Capability is depend upon of software development or programmable and generate the automatic systematic actions, events and payment when criteria of trigger is met . Like it? Share it! More by this author |