BlockChain Technology
BlockChain is one of the hottest technology in the market right today. In this article we will have a look upon what is BlockChain and brief introduction about this technology.
Here we go….
It is the backbone technology for Digital CryptoCurrency Bitcoin. Bitcoin was developed by Satoshi Nakamoto. It was introduced in January 2008.
Bitcoin is peer to peer electronic cash system. Bitcoin is used to exchange the digital asset online. Underlying technology of Bitcoin is a BlockChain.
How BlockChain Technology Works
Everything in the BlockChain is referred as a transaction. BlockChain records transaction in distributed ledger. It is a decentralized network. In BlockChain there is no centralized database which keeps data on one particular server. Here the data is distributed over the millions of computer which is connected through BlockChain network. Each transaction is digital signed which keeps it more secured.(Encryption Algorithms which is discussed in upcoming Blogs).
How BlockChain Keeps Data Secure
In the BlockChain first node is called as Genesis Block. Consider example of 5 nodes. First Block is Genesis Block. Now each block will contain hash of the previous block(Like a Reversed Linked List) . If Data of one Block is altered then value of hash changes. For example if anyone tries to alter the data of 2 block then the hash value of 1 block changes. (What is hash value and hash functions will be explained in upcoming blogs). Once the transaction is verified and added to Block it is not possible to change the data. Till today there is no one is able to hack this network on protocol level. This is how the BlockChain makes it difficult to tamper the data.