You must have heard the name of bitcoin and other crypto currency of this kind. All these cryptocurrencies are actually based on blockchain technology. One thing to understand here is that on blockchain technology, banking money transactions and other techniques are also related.
In such a situation, it is wrong to understand that blockchain technology is based only on cryptocurrencies. Nowadays a new model of digital asset selling based on blockchain technology has also emerged. Which can be called the redesign of blockchain technology itself. In such a situation, blockchain technology is coming in many fields nowadays. It cannot be limited to just one area. Yes, it can definitely be said that blockchain technology has made cryptocurrency much more popular.
What is blockchain technology?
Now we will try to understand here that what does not actually happen even to the blockchain? And how does it work?
The blockchain itself is a database. Which is saved on any computer. The data in the database is saved in a table form. So that it is easy to search any data. The purpose of blockchain is to distribute data across the world in a secure manner. Blockchain technology allows data to be distributed all over the world.
But it cannot be edited. Because of this blockchain technology itself becomes much more secure.
Blockchain technology was discovered in 1991 by Stuart Haber and w.scoot stor netta. But blockchain got its real identity only after the launch of bitcoin in 2009.
Now here we try to find out why this technology is called blockchain technology? Actually, in blockchain technology, data is saved in different groups. And these data groups are also called blocks. The capacity to store data of all blocks is limited. In such a situation, whenever the data capacity of a block becomes full, it gets connected to another block. In this way a complete range of information is generated. Hence this technique is called blockchain technology.
How does blockchain technology work?
When we here try to find out how blockchain technology ultimately works? A blockchain is a chain of blocks that hold information. Each block has a cryptographic hash of its previous block. It is generated on hash transaction. It is a series of numbers and letters. Each hash is completely different from the previous hash. In such a situation, it is not easy to track it. Hash is a connection that converts the input of letters and numbers to the output of a fixed length.
This hash depends not only on the immediate transactions taking place, but also on the transactions that happened before it. If even a small change is made to the transaction, a new hash is generated.
In this way, the settings of the entire system are automatically changed. Also, tampering with the system can also be easily detected. Therefore, it is a secured option. This blockchain spreads over a lot of computers. And every computer has a copy of the blockchain. These computers are called nodes. These computers find out through hash that there is no change in the transaction?
If most of the nodes approve the transaction, it is written to the block. All these nodes together create the infrastructure of the blockchain. Blockchain saves, preserves and spreads data.
All these nodes have a supernode above them. Which has a history of all transactions. The blockchain keeps updating itself every 10 minutes. In such a situation, it is completely protected from hackers.