You Would Have Never Thought That Knowing Blockchain Could Be So Beneficial!
Bitcoin is known to everyone since it was invented. It is a cryptocurrency which is used for instant payments. Blockchain is the key technology behind Bitcoin. To understand the concept of Blockchain, we need to separate block and chain from it as separating them will make the concept more clear. In simple terms, the block is digital transactional information and chain is the public database. Now again combining the two, Blockchain is several blocks of information stored in a public database. People can make transactions without revealing their names and information. A new block is added to the chain once the transaction takes place. Once the data is entered into the system, it cannot be destroyed. Blockchain turned out to be promising technology because it is transparent and blocks out frauds. A review of MIT technology about Blockchain stated that “the whole point of using a blockchain is to let people- in particular, people who don’t trust one another share valuable data in the se