Blockchain
Blockchain
Blockchain is based on the Cryptography principle in which it collect the all information about the transaction between payer and receiver in the form of blocks. The blocks are linked with one another blocks with the unique hash key that's why we called this process as blockchain.
Blockchain is a distributed ledger which is open to anyone. Anyone can join it and contribute by solving math problems to complete the transaction. After the completion of transactions the contributors gets some money as bitcoin. Blockchain is a very safe technology there is no fear about any type of cyber attack or hacking. That's why many country like india accept it to implement to their banking system.
How the Blockchain technology is Implemented ?
Let's understand it by a example suppose there are two persons 'A' and 'B'. 'A' want to buy some cloths from 'B' through online then 'A' proceed to pay to 'B'. Before pay the contributors(who are mediator for completing the transactions) check the all transactions of 'A' that he do before and also check the amount that require to complete the transaction to prevent from the double spending. The contributors have all information about the transactions of 'A' because blockchain is a public technology anyone can join it. The contributors complete the transaction by solving the math problems, the one who solve the problem first get rewards.
Applications
There are many applications of blockchain technology. So we divide it in two ways
- Financial purpose
- Non Financial purpose
In non financial we use this technology in Gaming, Digital identity, App development etc.
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