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What is BlockChain and how blockchain are used?

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BlockChain Technology

what is blockchain:

the block chain is a database which stores the data of online transactions done.and many other data by blocks and each block is encrypted and connected to each other.the block chain technology is used in bitcoins.

how the blockchain technology works:

the blockchain technology is used behind the bitcoins.
the bitcoins was introduced by sonthsi nakamoto it would be a person ao a company its a big mystery.and its opensource site any one can develop the site as he want by visiting the site https://bitcoin.org/en/. so here is the problem comes bitcoin is opensource anyone can change. so there problem rasing with trust and secuirty.
so the secuirty can be solved by cryptography.but the trust cant be sloved.
to get trust over bitoins the blockchaintechnology is used the blockchain stores the data of tranctions stepbystep and it can secured and it can be changed but not fully.

ex:  

if iam sending 5 bitcoins to my frnd. so he can know that he recived my 5bitcoins and i dont have that 5 bitcoins that are sent to frnd. so the blockchain stores the transactions by blocks and they are encrypted. and the data can viewed by anyone who is using the blockchain.

the block chain works like bank in between a transaction.

why blockchain:

  • it provides you the feature of decentralization
  • it provides you the feature of immubtable
  • it provides you the feature of trust
and its secure because entrie system runs on cryptography

who can join blockchain technology:

the block chain is new technology in market so we need
  • technical background
  • business Advisors
  • architect
  • good  at maths and desgining etc
  • basic knowledge of blockchain technology
the persons with the things mentioned above can join blockchain.

prerequisites:

  • cryptography
  • distribute computing
  • game theory
thats it
now-a-days the block chain technology is used every where like ICICI bank etc.
                          THANKS FOR READING 
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Comments

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