Blockchain- How it Works?

This technology was actually devised to support the Cryptocurrency such as Bitcoin. But, after getting the huge criticism, the technology was revised again so that it can be used in other productive things as well.

Whatever the data is stored in the Blockchain is basically a shared sheet whose data is usually reconciled from time-to-time. This is the reason behind the popularity of this technology and why peopleĀ invest in Blockchain. One more thing, the data of Blockchain do not exist in the one single place. It means every information which is stored is available for the public view and verification.

In addition, there is not any centralized data storing platform available which hackers can corrupt or misuse. This kind of working process and high-security assurance make this technology reliable and authentic.

Whenever a new transaction is entered into the system, it is encrypted by using the Cryptographic technology. Once the encryption process is done, the whole transaction is converted to a block. After this, the particular block is sent into the huge network of computer nodes. After clearing this stage, the block can be added to the list of previous blocks. The entire process follows a chain, and this is the main idea behind referring it as a Blockchain.

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