Technology

What is blockchain and how does it work?


What is Blockchain? Blockchain is a type of technology. blockchain technology Cryptocurrency like Bitcoin does its job only with the help of it. Other than that, all cryptocurrencies are all blockchain technologies (blockchain technology) is controlled using

In the coming years blockchain technology Everything around us can be used. The particularity of this technology is that it fraud The probability of occurring is negligible. And under the private technology, all data can be changed. Whereas in Blockchain technology, data will only be recorded once. Changing it is not only difficult, but impossible.

People Bitcoin know it very well but behind What is Blockchain Technology? What is Blockchain Technology? Totally unfamiliar with this. And it always comes to my mind that How Does Blockchain Technology Work? Blockchain Technology kaise kaam karte hai?

So we thought, why not tell people that What is Blockchain? (Blockchain kya hai?), How does Blockchain work? Blockchain kaise kaise kam karte hai? We answer all these questions through this article. It’s our best effort for you to find it in plain language. blockchain technology explain about.

What is Blockchain? How Does Blockchain Technology Work?

If understood in simple language, then the technology that is used to control bitcoin cryptocurrency. This technology is called Blockchain.

Blockchain is a collection of databases where all information is stored electronically in a computer. Blockchain also saves all information digitally for easy access to people.

The biggest advantage of Blockchain is that it can be used by multiple people at the same time. This is the main reason why people love Blockchain technology so much that it is not under the control of any person or organization. These elements make it unique.

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Now, from a simple computer to a normal computer, whatever information is stored by an individual or by an organization. It can be manipulated. But information once stored in Blockchain Technology cannot be changed. This is why many businessmen are embracing this technology.

What is Blockchain? (Blockchain kya hai?) By now you must have begun to understand a little that What is Blockchain Technology? What is Blockchain Technology? And how does blockchain technology work? Blockchain Technology kaise kam karte hai?

How Does Blockchain Technology Work?

Blockchain technology mainly works in three ways. which works in different ways. These are the following three parts

  1. Blocks
  2. Minors
  3. Nodes

What are blocks? How do blocks work?

Many Blocks work under Blockchain. If a data block is full, it is automatically added to the other blocks. This is what we call Blockchain Blocks.

When you perform any type of transaction, the hash number is created in the blocks, which is associated with the previous block. You can understand it through this image.

blockchain technologyblockchain technology

If a third party tampers with these blocks. So its hash numbers change and it is very easy to know that someone has tampered with those blocks.

What is Miners? How do miners work?

Miners are considered the most important part of Blockchain technology. Because only miners work to create new blocks. Whenever any type of transaction takes place. The miners therefore create a new block.

Suppose you made a transaction with Bitcoin. Information about this first reaches minors. And only miners will convert your transaction details into a block and link it to a new hash number.

As easy as you think to hear it or read it, in reality it’s not that easy. Miners works like a mathematical puzzle, solving what is beyond the reach of the human mind. This will require a powerful computer.

If hackers plan to hack it, then they will have to hack all the blocks present in the Blockchain, which is impossible. This will require a powerful computer. That’s why it’s very, very hard to hack.

What are nodes? How do nodes work?

Nodes function as data storage in Blockchain. With it, any type of transaction or transaction information is stored. This means that the job of maintaining your account is that of Nodes in Blockchain Technology.

In this technology, it works to keep the entire network connected with itself. Simultaneously, each Blockchain transaction is copied and stored. Regardless of the transaction or activity taking place there. Network check and update. And if there is a bad activity or transaction, all the nodes roll it back together.

Who launched Blockchain technology?

What is Blockchain? After getting answers to such questions, one thing must be on your mind. After all, who thought of a technology like Blockchain? Let us know the great person who introduced technology like Blockchain to the world.

Sun Blockchain Technology Proposal 1984 The famous cryptographer David Cham ( David Chaum). Stuart Harber and W.Scott Stornetta did. But at that time, the world was not developed enough to accept his technology.

When Satoshi Nakamoto launched a cryptocurrency like Bitcoin in 2009, Blockchain technology came out as if. Today, everyone is thinking of using this technology.

How many types of Blockchain technology are there?

There are mainly three types of Blockchain technology. as written below

  1. Public blockchain
  2. Private blockchain
  3. Hybrid Blockchain

Public blockchain

The public blockchain can be used by everyone. Like Bitcoin, Litecoin, etc., all fall under the public blockchain. If you have a high internet connection, you can use the public blockchain to mine the activity of these networks.

Private blockchain

The private Blockchain works exactly opposite to the public Blockchain. You must obtain permission to use it, as it is controlled by only one party. Private Blockchain is used by a large organization. Examples of private blockchains are Hyperledger, Multichain, Ripple, etc.

Hybrid Blockchain

Hybrid Blockchain is a combination of Public Blockchain and Private Blockchain. This blockchain uses both. And decide this case. The one that consists of having a public blockchain and a private one. Dragonchain is an example.

What are the advantages of Blockchain technology?

Blockchain Technology Blockchain technology has many advantages which are as follows

  • It is an open source technology.
  • It’s almost impossible to hack.
  • The coffee security system is top level.
  • Know all the activities in one click.
  • Sorts out any type of transaction process in minutes.
  • There is no need for third parties for this.

What are the disadvantages of Blockchain technology?

We all know that where there is profit, there must also be loss. Therefore, Blockchain technology also has some disadvantages which are as follows

  • You have to pay high fees to use this network.
  • As people become familiar with blockchain technology, its uses are rapidly increasing, which also leads to many problems.
  • There was a decrease in his speed.
  • High power is required to use it.
  • The amount of electricity consumed by a country like the Netherlands in 1 year. Bitcoin alone consumes more electricity than that.
  • If you sent your bitcoin to someone by mistake. So won’t come back.

frequently asked question

Who is the founder of Blockchain Technology?

Famous cryptographer David Cham (founder of Blockchain Technology) David Chaum) Eh.

In what year was Blockchain technology launched?

Blockchain technology was launched in 1984, but it was recognized in 2009.

What is Blockchain Technology?

Blockchain technology is a type of network used to control cryptocurrency.

What are the Types of Blockchain Technology?

There are mainly three types of blockchain technology
Public blockchain
Private blockchain
Hybrid Blockchain

What is Blockchain [VIDEO]

Conclusion

In today’s article, we taught you what blockchain is? ,What is Blockchain?How many types of blockchain are there? Blockchain kitne prakar ke hot hai? How does Blockchain work? Blockchain kaise kaise kam karte hai? Any questions, etc. have been answered. If you still want to know any type of question related to Blockchain. So let us know in the comment box. We will definitely answer it in time.

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