Blockchain Technology | Simple Explanation

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The blockchain is a great and quick innovation – the brainchild of an individual or gathering of individuals known by the pseudonym , Satoshi Nakamoto. In any case, after this great finding by Nakamoto, it has developed into something more prominent, and the principle question everyone is asking is: What is Blockchain?

“Blocks” mainly have three parts

    1. Blocks store data about transactions
    2. Blocks store data about who is partaking in transactions with no distinguishing data utilizing a remarkable “digital signature” similar to a username.
    3. Blocks store data that recognizes them from different example we can take each people have different names to recognize each other, each block stores a remarkable code called a “hash” that enables us to reveal to it separated from each other block.

When a block stores new information and it is added to the blockchain. Blockchain, as its name proposes, comprises of various blocks hung together. All together for a block to be added to the blockchain, be that as it may, four things must occur.

Let’s take online purchase,

    1. An transaction must happen. After hurriedly navigating various checkout prompts, you conflict with your better judgment and make a purchase
    2. That transaction must be confirmed. In the wake of making that buy, your exchange must be confirmed. With other open records of data, similar to the Securities Exchange Commission, Wikipedia, or your local library, there’s somebody responsible for checking new information sections. With blockchain, be that as it may, that activity is left up to network systems. These systems regularly comprise of thousands (or on account of Bitcoin, around 5 million) computers spread over the globe. When you make your buy from site, that system of computers races to watch that your transaction occurred in the manner you said it did. That is, they affirm the subtleties of the buy, including the transaction’s time, dollar sum, and members. (More on how this occurs in a second.)
    3. This purchasing transaction always must be store in a block. The exchange’s dollar sum, your digital signature, and site computerized mark are altogether put away in a block.That block should be given a hash. when the majority of a block’s transactions have been confirmed, it must be given a remarkable, recognizing code called a hash. The block is likewise given the hash of the latest block added to the blockchain. Once hashed, the block can be added to the blockchain.
    4. At the point when that new block is added to the blockchain, it turns out to be openly accessible for anybody to see — even you. On the off chance that you investigate Bitcoin’s blockchain, you will see that you approach transaction information, alongside data about when (“Time”), where (“Height”), and by who (“Relayed By”) the block was added to the blockchain.

I think you got the basic idea about the blockchain. That’s it for now. Let’s meet with another blockchain article with more details.

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