Technology

The Blockchain: What You Need To Know

Introduction

In this Blog, we’re going to give you a basic overview of the blockchain in just 4 minutes. We’ll explain what it is, what it can do, and some of its practical applications. If you’re new to the blockchain, or just need a quick refresher, this is the video for you! We’ll walk you through the basics of the blockchain in a simple and easy-to-understand way, so you can start thinking about how you can use it in your own life or business!

Database of blockchain

Blockchains are databases or ledgers that record values and transactions previously people relied on third parties to store information such as their credit card companies Banks or rental car companies today people can use the blockchain as a secure and private way to store sensitive information the blockchain is a decentralized database maintained by many participants every transaction on a blockchain is recorded using a cryptographically secure block the new blocks are linked together and organize the previous blocks this creates a chain of blocks known as blockchains.

The Blockchain

A block is the Genesis of all future blocks in a chain it is possible to edit any one block but editing other blocks in a chain is impossible blockchains were first developed as part of the digital currency Bitcoin but have since been used by many other organizations the idea is to create a system that records human events in chronological order this makes it very difficult to modify the data big companies governments and music companies have begun to use blockchain technology in their software blockchains can process millions of transactions per day and their blockchain technology is still in its infancy currently the two biggest networks can process 1.3 million transactions per day and each block can hold up to one megabyte of data for comparison.

Twitter can process billions of transactions per day and YouTube stores 200 gigabytes of data blockchains are decentralized and encrypted systems which means that a single person cannot hack the entire system besides keeping track of all transactions the blockchain allows for the creation of new Bitcoin this system is run by computers called miners that try to solve complex math problems in order to verify transactions blockchains are a great way to send and receive money in an exchange a user uses a private key to authorize a transaction which then transfers the value to another party the transaction is then broadcasted to the network and entered into the blockchain once this is done the transaction is stored in a block and hash locked blockchains are divided into two main types public and private.

Type of Blockchain

  • Public Blockchain
  • Private Blockchain

The public blockchain allows any computer with internet access to join anyone can send transactions to a public blockchain and a private blockchain requires a government-approved server to validate the transactions private blockchains are more secure and are used by most governments and corporations blockchains are becoming a mainstream buzzword and are being used in various Industries they have been called the biggest technological innovation since the internet and are predicted to change the way we do business and operate.

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