What is Blockchain Technology And How Its Work?

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What is Blockchain Technology And How Its Work?
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Introduction of Blockchain

So in this video, I am going to tell you about Blockchain Technology. Now as soon as it comes to Blockchain, our mind immediately goes towards Bitcoin because Blockchain technology was first popularized in Bitcoin.

What is Blockchain Technology and how it works?

Blockchain is a kind of database, now what is a database? So a database is a collection of information that is stored electronically on the computer system. Blockchain is like a ledger. A ledger is the one in which the record of all our transactions is kept, the same is the blockchain, and every single record of it is a single block. A blockchain is a chain of blocks.

Now if we talk in reference to bitcoin, First thing is, relevant information (transaction details) is saved in a block of the blockchain. 2nd it has a hash (code) which is unique like a fingerprint and 3rd It also contains the hash of a previous block. Due to this these blocks are connected and a chain of blocks is formed. That's why it is called a blockchain; the first block that does not contain the hash of any previous block is called the Genesis block.

blockchain

Blockchain Research

Now let's talk about blockchain research, the blockchain research started in 1991. But in 2009 Satoshi Nakamoto created bitcoin with the help of blockchain and from here the popularity of cryptocurrency was huge everywhere.

What is Centralized and Decentralized network?

Now as we know when we search for anything on google, it is retrieved by a google server because that data is centralized

Centralized network

In a centralized network the whole network is controlled by a central authority means the authority is On one hand, like- Facebook, YouTube, WhatsApp, Twitter, etc.

Decentralized network

in the decentralized network the network is not controlled by the central authority, in this we distribute the data to many nodes in which service is never down even if 1 or 2 nodes fail.

Blockchain

Data is not centralized in Blockchain, in Blockchain data is distributed. So if you are also a part of that network, then you will also have a copy of that data.

Conclusion

With the help of blockchain, it becomes easy for us to track the history of any data as well as it becomes difficult to hack it.

Blockchain technology is a trustworthy and transparent technology, in this, we do not need any central authority.

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