Block Chain Technology - most recent addition to technology





If you have been following banking, investing, or cryptocurrency over the last ten years, you may be familiar with “blockchain,” the record-keeping technology behind the Bitcoin network. And there’s a good chance that it only makes so much sense. In trying to learn more about blockchain, you've probably encountered a definition like this: “blockchain is a distributed, decentralized, public ledger."
A blockchain is a decentralized, distributed, and oftentimes public, digital ledger consisting of records called blocks that is used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks.


Important points:
1. A Blockchain is a type of diary or spreadsheet containing information about transactions.
2. Each transaction generates a hash
3. A hash is a string of numbers and letters.
4. Transactions are entered in the order in which they occurred. Order is very important.
5. The hash depends not only on the transaction but the previous transaction's hash.
6. Even a small change in a transaction creates a completely new hash.
7. The nodes check to make sure a transaction has not been changed by inspecting the hash.
8. If a transaction is approved by a majority of the nodes then it is written into a block.
9. Each block refers to the previous block and together make the Blockchain.
10. A Blockchain is effective as it is spread over many computers, each of which have a copy of the Blockchain.
11. These computers are called nodes.
12. The Blockchain updates itself every 10 minutes.
Scripted by:- 
Mamina
Digital marketing manager
WeP solutions Ltd

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