What is Blockchain Technology?

  

Blockchain technology:

Blockchain seems to be a platitude but only in a hypothetical way since it doesn't have a clear meaning that the average person can understand it's important to know what blockchain technology is?, how it works? and why it's becoming increasingly important in the digital world?,

 As blockchain keeps growing and getting easier to use it's up to you to learn about it to be ready for the future ,If you're new to blockchain this is the right place to start learning the basics for today's article you will learn how to answer the question what is blockchain technology? you'll also learn how blockchain works?, why it's important and how you can use this field to advance your career?, so let's read this full article to know all about blockchain technology.

   Blockchain is a way to store information that makes it hard or impossible to change hack or otherwise modify the system a blockchain is a distributed Ledger that makes copies of transactions and sends them to all of the computers in the blockchain network, blockchain technology is a structure that keeps a public Ledger of transactions called a block in a series of databases called it chain connected by peer-to-peer nodes most of the time this kind of storage is called a digital Ledger the owner's digital signature approves every transaction in this Ledger this proves that the transaction is genuine and keeps it from being changed because of this the information in the digital Ledger is very safe in simpler terms the digital Ledger is like a Google spreadsheet shared among many computers in a network this is where the records of purchases are kept the interesting thing is that anyone can look at the information but they can't change it,

 Why is blockchain popular?

 Let's say you want to send money from your bank account to family or friends you would go to your online bank account and use the other person's account number to send the money to them your bank changes the records of the transaction when the transaction is done it seems easy enough most of us don't think about a possible problem changes can be made to these kinds of transactions very quickly people who know this are often hesitant to use these kinds of transactions this is why third-party payment apps have become more popular in recent years but this weakness is the reason why blockchain technology was made, blockchain is a digital Ledger that has been getting much attention and uses lately but why does it have so many fans?,

  So let's look into it to figure out what it's all about keeping track of data and transactions is a very important part of running a business usually this information is handled in-house or sent to a third party such as Brokers Bankers or lawyers which takes more time costs more money or does both on the other hand blockchain eliminates this long process and speeds up the transaction saving both time and money most people think blockchain and Bitcoin are the same but that's not true blockchain is a technology that can be used in many different fields such as Finance supply chain manufacturing Etc however Bitcoin is a currency that depends on blockchain technology to be safe.

How does blockchain work?

   Step by step we already know that a blockchain is a list of data storing blocks it was made in 1991 by a group of researchers who wanted to keep digital documents safe so that they couldn't be changed or Changed by accident a blockchain is a piece of property that anyone can access once information is written to a blockchain it can't be changed so data is only written down when most

participants agree the blockchain depends on three things to work data a hash and the blocks hash before it ,

Step 1- data: different blockchains store different kinds of information in a block if the information is about Bitcoin the blockchain keeps track of the transaction sender receiver and amount .

Step 2- hash: the block also has a hash which is like a fingerprint the hash of a block is worked out when it is made if something in the block changes the hash will also change because of this hashing helps find changes in a blockchain if a Block's fingerprint changes it's no longer the same block 

step 3 -previous data hash: the last part of a blockchain is a block hash that came before it a chain is made with the help of the hash of the previous block.

 Because of these things the blockchain is very safe to trust and use in a blockchain each block is linked to the data in the previous hash if any data in a block is changed the hash changes immediately and the next block sees it and makes the changes immediately today's computers can store tens of thousands of hashes every second the hash of changed blocks and the hashes of other blocks are changed by default to make the blockchain valid this is done with the help of proof of work which has already been talked about.

   Blockchains are getting better over time adding things like smart contracts that have proven to be very useful blockchain is a technology that has a lot of people interested because it works so well because of this people eventually  realized that it could also be used in other areas such as enotary medical records and figuring out taxes blockchains are well known for making it easier to perform transactions without the involvement of third parties such as e-wallets and Banks, cryptocurrencies are digital currencies that run on the blockchain because of blockchain it is impossible to fake cryptocurrencies they are also protected by strong complicated encryption and don't need to be approved by a central Authority because of this blockchain is the best way to make sure a transaction is safe so what do you think would you like to invest in blockchain.