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The Ultimate Revelation Of Blockchain |structure | Usage

By Author: Basit Mehtab
Total Articles: 2
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Blockchain is revolution is technology not only in the financial sector in every aspect of business government and even on individual parson's life. The problem of the era is huge hype and misunderstanding is there, so this is the main reason I am here to explain how it works. I hope you will understand if you just listen to 1st time name of blockchain technology.

What the BLOCKCHAIN is :
Let's start with the very beginning.
The basic concept is, blockchain technology is used to store data and information. As any Computer file is stored in a computer's hard drive as in binary number, zero and one, which we called the "bit". Computer store information and also a process for the human to read.
Blockchain has three properties, first is, it is distributed. Distributed means the information or data will be stored in different many computers or data centers. But in other example computers stored information in dedicated servers or data centers.
No one person (such as an organization or government) has control over the content or files. File you are reading can be edited or updated any time as you like but no in the case with blockchain. Editing is only possible in blockchain when there is solidarity between the networks of computers who stored differently but the same version in the blockchain. now it's possible because of the second fundamental of blockchain- Cryptography.
Cryptography-- is an ancient Greek word which means "secret writing". Meaning of this fundamentals is encoding the data made up by blockchain. If you want to change the data, you need to have private keys related to the current block in a chain who you want to change but it's only possible and dependent on blockchain. The document you are reading is if you have access of the computer where data is stored you can easily change it but in case if its stored on blockchain you need to prove you have code to make changes and if code didn't match you would not be able to change on the other document and copies as well.
This fundamental is innovation is for everyone. It means blockchain is accessible to everyone, as in the case of bitcoin. Or accessible to anyone also has permission to view it . and in the case with blockchain is taken in organizations and business for internal use. This means that anyone in the network can monitor and change the file and as per requirement to edit it.
Combining all the elements of blockchain its mean problem is solved first time in digital data. Because simple files (data and information) can be copied and edited endless time and shared in various forms. Blockchain gives the value, things being created on the internet.
Structure of Blockchain

Clue is in the name- a blockchain is computer file contain blocks of data chained together. Each block could be any size depending on the kind of blockchain have a link with the previous block forming the chain.
It also includes instant records when the information in that block was created or edited. It includes data by self. Whatever blockchain is used to record data. This will be the value of block as in case of blockchain currencies like Bitcoin, transactional data such as buying and selling of goods and services between two parties, the chain will record as used who owns what data.
blockchain used for
Satoshi Nakamoto created the first blockchain. He formed the blockchain revolution, as cryptocurrencies, Bitcoin, in 2009.
Cryptocurrencies are basically currencies that do not issue and controlled by any central bank, like US Doller or British pound. It uses as an encrypted mathematical blockchain model. Its track exchange of value and ownership. Now thousands of cryptocurrencies are launched on the same principle.

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