What Is Block chain technology

What is blockchain technology and it use.

Now let's start and let us talk about what Blockchain is and why we are here. Let's take an example of money, which we all do in general. Now here we have someone who wants to transfer money from his account to the account of his partner, which was made by a commercial deal.

In a model banking treatment, you will transfer money from your account to your partner account. But something can happen and the money is not deposited and returns to your account. What can the problem be? Why did this transaction fail and what is the error that happened? Well, here we have a bitcoin assistant to tell you what a mistake can happen. There may be some technical problems in the bank that can cause the problem. The user account has been hacked and may be well possible or exceeded the transfer limits.

Block chain technology 

  WHICH MARKET CONNECTED WITH BLOCKCHAIN

For today, so you cannot do the treatment again. Now there is a question that the currency will ask, and the answer is that we are talking about Bitcoin and it is an encrypted currency. So I will tell you what is an encrypted currency, what are the different types of cryptocurrencies in the market, what Blockchain is, how bitcoin treats, and Blockchain features. We will talk about the Wall Mart problem. What is the encrypted currency? The cryptocurrency is a form of digital currency.

Features of transaction 

It can be used to check the transfer of assets from one side to another. It controls the addition of new units. There is a limited supply and also provides safe financial transactions. His identity is not revealed by the sender and the future.

The treatment mind is preserved and all that is done using encryption. The transactions are safe and safe and the most important point is that they are not chaired by a central authority. This means that gas can be extinct and we may not even need banks as well. The basic benefit with the development of the cryptocurrency was the cost of low treatment. The primary concept of the presence of an encrypted currency is to remove mediators that reduce treatment.

The cost between the limbs because more Middle Men are added to each transaction. Now what are the types of cryptocurrencies on the market? There are many. There are a few other famous cryptocurrencies regardless of Bitcoin that have the main market value and trading share similar to Litecoin, Ethereum, Z, Cash, Dash, Ripple, Monaro, NEM and Stella.

These are few, to name this, but there are hundreds and thousands of cryptocurrency in the market that develop on a daily basis. What is Blockchain now? Bitcoin uses a technique called Blockchain to work in the way it works. Blockchain is a constantly growing menu with the records associated with each other. So it is a list of blocks that are linked to each other and secured with encryption. Each block is signed digitally and retailers.

Now, how do Bitcoin treat? Let's think about the same previous position, but this time to make the transaction happen with Bitcoin. Now the same real entities that want to exchange money. Instead, bitcoin will exchange. But before that, they will have to create a wallet address on the Bitcoin network and each will have a special and general key. So whenever you want to send Bitcoin on Blockchain, you will encrypt the transaction with a special key.

And broadcast it all over the world for the dove to verify it. Miners all over the world will be validated by the sender's health, whether the sender has the appropriate amount of balance to send this amount. The mining factor will also verify the recipient's health, the recipient's identity, and get the address of his wallet, after which he will verify the mind of the treatment, whether the treatment can occur on the network or not.

 verified, the transaction will be added to a block that will also contain many other transactions that must be assembled in that mass.

Then once you check the mass, it will be added to the main Blockchain. Once this entire process is completed, miners verified the mass and verified the full transactions set in that mass. Then the treatment shows that bitcoin is reduced from the sender's portfolio and added to the receptions. This is the way that is very similar to the banking treatment that we have seen in our previous segments complete without intermediaries like banks now. so what?

Bitcoin is very special. These are the few basic features of Blockchain. It is the book of the professor distributed to the public, which means that everyone has access to all records. If the user wants, he can access all records from the time of creating Blockchain. The first block in Blockchain is called Genesis Bloc. Any add -ons to the mass.

And not subject to change. Any change, specialization or minor, is recorded in a new block and cannot be changed. This is the basic stability feature for Blockchain. There is no central authority. Since the distribution of the professor's book. The professor's notebook cannot be changed by penetrating the central authority system, such as public piracy. Accidents occur. Any change must be approved by the majority of people in the network and therefore there are algorithms to prove consensus.

The consensus algorithm is located in any Blockchain network where most of the stakeholders must agree to the transaction. Blockchain can have details of treatment of other funds other than property such as property, vehicles, agricultural products, or any assets you want to track in any industry such as the supply chain or want to use digital assets in retail sale, etc. How does Blockchain model encryption occur? So whenever the sender is sent.

It begins treatment. It is signed by the transaction using its own key and all the details related to the treatment, such as the recipient address and other details of the treatment are wrapped and encrypted using the sender's private key. Bitcoin now uses SHA 256. It is the encryption algorithm that allows you to create a very safe encoded output and is very common.

Algorithm. The encrypted output is then sent all over the world and the transaction is added after checking by miners to a block. SHA 256 allows to verify the health of the sender and the future and provides the most powerful security that carries very much and most importantly, as it ensures that his identity is not disclosed.