Blockchain Technology is the topic of the year 2017-2018 because of the boom arise in Bitcoin.Bitcoin surged more than 1500% in the year 2017 which made people crazy to search for Bitcoin and Blockchain technology.
There were several Bitcoin startups this year whether it may be Bitcoin Trading or Mining Pools ,So when these technical terms come in mind a question arises in mind that ,”How does this technology works ?”,”Why this technology is so secure ?”.
Block and Chain are two words in which a Block is a set of records which are highly secured using Cryptography and Network Security – Principles and Practice these blocks are made up of Cryptographic Hash or alphanumeric passwords which cant be learned which is usually of 9 digits including a timestamp and transaction data. In simple words, “Blockchain uses internet to transfer data or a unique piece of unique technology from one person to another and telling everybody about this transaction in open-ledger record but no one can make use or modify your information in ledger.”
Blockchain is an open distributed ledger of records which cannot be modified ,it is an open distributed ledger which can record transactions between two parties efficiently in variable and permanent manner. Blockchain uses peer-to-peer network for transactions connecting to a protocol for inter-node communication.
So Blockchain is made from 3 technologies
- Private key cryptography.
- P2P network.
- The Blockchain Program.
For programming with Blockchain – Mastering Bitcoin: Programming the Open block – chain
How do Cryptocurrencies use the Blockchain ?
Cryptocurrency is not a new word after the boom in Bitcoin and Altcoins or supporting coins to bitcoin which were invented with the help of open-source technology used in Bitcoin.
Major part of Technology in the year 2017-2018 and coming years is Blockchain or we can say its era of Crypto-finance. Competition in this technology is increasing day-by-day and its because of its open nature and highly secured which makes transaction safe from attacking and breaching.
In case of Bitcoin ,in every 10 minutes a new block is been created ,the block then certifies and verifies the new transactions taken place.So how this all happen , miners use their mining or computing efficiency to provide a proof-of-work, a calculation that effectively creates a number which verifies the block and the transactions it contains.
1 thought on “What is Blockchain Technology and how it works”
There are those who engage in this type of trading without sufficient knowledge; however, there are day traders who make a successful living despite, or perhaps because of, the risks.