Hello friends, have you heard the name of blockchain… if the answer is no then you must have heard the name of bitcoin. If you know even a little bit about bitcoin, then you will be able to understand blockchain very well. Because blockchain is the technology in which any thing is made digital and its data is kept.
What is Blockchain?
Friends, now we are going to understand blockchain very well. After all, what is a blockchain? Let’s know. A blockchain is a kind of database. In this database, information and data are stored in the format of a table. This technology was first introduced in 1991 by Stuart Haber and W. Scott had not brought it in front of the world. But the blockchain got its first application in the year 2009 with the launch of bitcoin.
It is called blockchain because it collects data in groups. And these groups are called blocks. Each block has limited storage capacity. When a block is filled. Then he goes and joins the first block. Many such blocks together form a chain of data which is called blockchain.
How Blockchain Works.
Friends, blockchain is made up of such blocks. In which data is filled. Each block has a cryptography hash of your previous block. This hash is generated on every transaction. Which are made up of strings of numbers and letters.
Meaning if someone tries to tamper with the data of the blockchain at the slightest. So its entire data gets changed. Due to which the tampering in the record can also be detected. Maybe that’s why it is considered very secure. Every computer has a copy of the blockchain. which are called nodes. These nodes check the hash and find out whether there has been any change in the transaction.
If the transection is approved by most nodes. So it is written in blocks. Friends, the blockchain keeps updating itself every 10 minutes. Due to which they have the details of every transaction.
What is the relationship between Blockchain and bitcoin
Friends, blockchain is a kind of database for bitcoin. Which stores every bitcoin transaction. Cryptocurrencies like bitcoin are spread directly on the blockchain computer. Due to which these currencies are operated without any authority. Using it reduces a lot of transaction fees. Apart from cryptocurrency, blockchain is used in health centers, banking and many more places.