You Would Have Never Thought That Knowing Blockchain Could Be So Beneficial!

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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 secure tamper-proof way".


Components of Blockchain

There are mainly three components of a blockchain. They are described below:

  1. Blocks: The blocks stores the transactional information like date, time, participants in the transaction. Every block stores different information. No block has the same information in it. Block comprises of the nonce(32-bit number) which is generated after the block is created and hash(256-bit number) which is created after nonce.

  2. Miners: Miners are used to create new blocks. The process that is used for creating new blocks is called mining. The function of the miner is to find a nonce that generates an acceptable hash.

  1. Nodes: Nodes are the electronic devices which are used to keep the copies of blockchain and help to run the network efficiently.



Some key facts related to blockchain

  1. Editing of blocks is very difficult as they are updated in chronological and linear order. If a hacker tries to hack the system, then it will be very difficult to crack it.

  2. Banks operate only during business hours. If blockchain is integrated with banks, then the speed of transactions can be increased. 

  3. Blockchain can be used in the healthcare sector to maintain the patient’s record permanently.

  4. Suppliers use blockchain to record the origin of their products.

  5. Smart contracts can be stored securely through blockchain.

While blockchain was under the scrutiny of everyone a while ago, it has proved to be an efficient and accurate system. It will be worth seeing where this technology will head in the upcoming years and if you want to know more about this technology, then some really good blockchain-related micro-niche blogs are also available on the internet.


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