What is Blockchain Technology
Both Blockchain Technology and Bitcoin are two sides of the same coin. It is not possible to understand bitcoin without a blockchain and make world-famous digital currency such as bitcoin. If you are also thinking of using bitcoin or using it and want to buy bitcoin for yourself, before blocking the bitcoin's digital world, Blockchain Technology will have to better understand what Blockchain Technology is. And how it works. However understanding blockchain is a bit complicated but not difficult.
Here in this post I am going to tell you all about blockchain technology today, but you must understand bitcoin well before understanding blockchain properly. I had told very well about Bitcoin in the last post of my blog. Read that post now and get a better understanding of Bitcoin.
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| What is Blockchain Technology and how it works? |
What is Bitcoin and how to use Bitcoin
Now if you know very well about bitcoin then you can understand blockchain technology well. Through this post, I am going to tell you all the important information about Block Chain. Please read this whole post carefully to understand it. So let's start friends, and know what Blockchain Technology is, how it works and what its benefits are -
What is Blockchain Technology and what its benefits can be: Complete information about Blockchain
What is blockchain
Before knowing blockchain technology, you must understand this fact that both Blockchain Technology and Bitcoin are two different sides of the Ganga. That is, both are completely different. Blockchain is a technology, a platform where anything can be kept digitally by making a digital currency and making it a digital one. I.e. blockchain is a digital laser. Bitcoin is a digital medium, through which we and you or some other things can buy and sell benches. Although it is wrong to say the currency, because there is no value in its real world. If you are aware of the true deal, then you should understand it in this way that you were given coins separately to purchase a piece of goods, whose price was only within the real deal, it was a waste in the market outside, Similarly, Bitcoin is also.
Blockchain technology is a technique where money is transferred directly between the buyer's vendor. There is no need for any inter mediation in this transaction. Currently, the transfer of the passes between the two people is done through a third party. Third party Such as banks, paypal, money transfers etc. and we have to pay a lot of service fees for this transaction while Blockchain Switch to a third party does not require any type of service fee is not any or very low addition takes very little time on transactions made in Blokchain technology. Apart from this blockchain is completely safe.
The technology, which was launched by Bitcoin Technology in 2008-09, is very complex. It is considered difficult to hack, and it always keeps track of all the digital transactions. To prevent cyber crime and hacking, blockchain technology is known as a foolproof system.
Bitcoin works on Blockchain technology or technology. Blockchain works on a de-centralized system. The de-centralized system means that no bank or government controls this block. Normal bank or banking system works on centralization or centralized methods. Every person has a bank account in the normal banking system, and when opening the bank account, he has to give his personal information such as Aadhaar card number, PAN card number, residence proof, etc. to the bank. Now whenever the person does a transaction, the bank keeps a record for this transaction. This record is in the form of a ledger or bookkeeping account. But blockchain technology works differently. Let's understand this with an example.
Suppose that A, B, C and D are the four people who manage money. To keep a record of this transaction, he has his own accountant or bookkeeper. Now since there is no bank, etc. in each of these four transactions, so everyone has their own ledger or bookkeeping account. But the special thing here is that the four of them are not only accounting for their accounting or bookkeeping but also the transaction of each one. As if A gave 100 rupees to B, then it would write C and D other than transaction A and B in their account or book. Similarly, if B and D interact with each other, then all A, B, C and D will write this transaction in their own account or account book. The advantage of this is that everyone knows that how much money each other has at this time. Blockchain is the basis of the system. Everyone has account of every transaction of bitcoin in blockchain. Blockchain of Bitcoin have millions of computer nodes. It holds millions of computer nodes accounting for every transacation or transactions occurring in the bitcoin.
Whenever a person buys or sells a bitcoin in the bitcoin network, this transaction reaches someone's computer node and he writes it in his accounter. But here there is a special thing in this Blockchain and it is that there is no information of buying and selling the bitcoin in it. In this, any person can buy or sell bitcoins by concealing their identity or their information, so that there may be wrong people and wrong type of money transactions. This type of blockchain system has many advantages and many disadvantages.
Hopefully you have understood Blockchain so far, as well as the difference between Bitcoin and Blockchen. Let's now know how Blockchain Technology works and what can be the benefits of this technology -
How Blockchain Technology Works
This is blockchain Powerful Technology having started in 2008. Peer to peer thousands in this are connected to super power computers. When a data is transmitted. Then all the data is taken from the computer, because the data here is not sterilized at one place. For this reason, this could be a great tool in the case of technology security. This is also a reason for its popularity. To hack any data from here, all supercomputers also have to hack, which is not so easy. This system works even after one computer gets degraded.
Bitcoin also works on blockchain technology digital virtual cryptocurrency is working on Bitcoin online internet. All transactions in bitcoin are possible using bitcoin technology. Due to this decentralized currency, the transaction is done without the direct user of any third party. All the records of any transactions occur in the public accounting board, in which, with increasing transparency, the chances of being falsified are equal. In case you have done any wrong transaction due to the transaction records in more than one computer, you can not get a refund in this situation. In your bitcoin transfer, your personal details are kept secret.
Now understand the mining of bitcoin on blockchain -
You can understand the mining in this way when you transfer transfers from one wallet to another in wallet, then many complex equations have to be resolved to complete this transaction. These equations solve the miner machines. It solves the biggest and the hardest equation in a few seconds. As soon as it gets settled, your transaction is completed. In this way miners are given bitcoin as some charge to solve equations. As the number of bitcoins increases, they will need more power, time and bigger miner machines to mining them, as well as the equation will become more difficult.
Where can be used on Blockchain Technology
So friends, now after understanding Blockchain Technology very well, let us now know which deeds or places they can be used in the modern era -
Banking Sector - Blockchain technology can make a big difference in the banking sector. Banking sector usually sees all things like identity theft, cost affinity and all of these also have a very high risk in banking. Using blockchain technology, this can be safe and low cost.
Cloud Storage - Storage is an open source cloud storage program that is based on blockchain technology where you can sell your exhaust hard drive space. Blockchain technology can also be beneficial in the area of cloud stores.
Public Records - Government has many records that are locked in files. It is often difficult for the government to decide their security for losing or losing them for some reason. Therefore blockchain can be a big solution for this. The government can encode the data and upload it to the digital laser.
Used in Land Deal - Land Deal can be simplified using BlockChain Technology. Blockchain can prove to be a great help to make the document's work safer and easier. Telangana and Andhra Pradesh are using it for land deals.
Education - Blockchain technology can also be very beneficial in the field of education. Nowadays, cases like froud and paper leak are very much in education. In such a way, it can be stopped using block chains.
Product Coverage - This technology can be used in many other places besides transactions involving money. It can be used to deal with other digital products such as insurance, investment, etc. This will not only help in enhancing the security of the data but also reduce the cost and can save processing time also.
These were some of the few sectors in India, where blockchain technology can be used and they can be made better through it. Let's now also know about some important advantages of blockchain -
Advantages of Blockchain Technology -
- The benefits of using blockchain will vary for all transactions. According to Deloitte and Ascham, blockchains will prove to be more beneficial when the data is high and they have to be shared among many people and there is no feeling of confidence among those people.
- Nowadays the froud on the internet is growing very much. Internet security can be promoted by blockchain. Events such as hacking can be reduced to a great extent through it.
- Blockchain-based systems are no longer required to keep more intermediaries but can be easily taken care of with record and transfer of assets. Thereby increasing the transaction speed.
- This blockchain helps our smart devices communicate with each other so that they can communicate better.
- The data stored in blockchain technology is never corrupted, because it is stored in millions of computers, not in any one computer. It can be accessed at any time and personal data can be protected by blockchain technology for a long time.
Looking at Blockchain Technology fast becoming popular and its many good advantages, we can say that blockchain can be used in many sectors soon in India. However, blockchain technology is most commonly used for technology transactions, and it would not be wrong to say that blockchain technology has also been developed due to bitcoin cryptocurrency and today the technology is becoming very popular all over the world.
So friends, this was my complete information about Blockchain Technology. Hopefully you may have liked this information and you have now understood about blockchain in detail. This post in today's "What is Blockchain Technology or How it Works" is the same. In future you will also be giving many helpful information about Bitcoin towards cryptocurrency . Stay tuned with my website Techno Gyan for information related to other important tech, blogging and smartphone reviews. Thank you very much for reading the post and giving your precious time to the website ...