Blockchain is a Decentralized, Distributed ledger technology with immutable records. which data is stored in the form of blocks with digital assets? Blockchain Technology is the fastest-growing Tech industry with different business areas like gaming, transportation, health, finance, banking, and the crypto industry.
What is Blockchain Technology
Blockchain is a distributed ledger technology where every transaction us record in the form of blocks and these blocks are secured by cryptography hash. All the records stored on the blocks are immutable. Blockchain technology used Merkle Tree which is in the form of data structure, use for verifying a block. This Merkle Tree is with Binary Tree containing the cryptographic hash. Blockchain technology uses the method like PoW and PoS
Blockchain Technology is Divided into three parts.
1. Public Blockchain
2. Private Blockchain
3. Consortium Blockchain
What Do You Mean By Block In Blockchain
A Block Contains various things to secure the block ledger. Each time block is verified and it gets recorded in the form of chronological order. Here are some key things which are required for any block in the blockchain
- Previous Hash: It’s Contains last block hash value
- Transaction Details: In this, a complete digital transaction value can be seen.
- Nonce: Every block has its unique hash value and this value generates a nonce value to a particular block. Its random value which varies with the value of the hash
- Target Hash Value: Every new Block created with a target hash value. So by this hash value block can be identified. This hash value is unique with both letters and digits.
Some Features Of Blockchain Technology to a Traditional Technology
Here We are giving some features of blockchain which can create a difference for the technology.
- Transparency available
- Security Provided
- Irreversible Process
- There is no central authority
- Its block data is immutable
- Copy of the ledger can be shared with anyone.
How Blockchain Technology Will Impact The Business
This Technology Is working on distributed ledger records and these records are secure in a cryptographic manner. So after mining process transactions are verified, that type of method gives high security in the businesses. Some of the things best describe any company who are using blockchain technologies are:
- It gives high transaction security.
- Reduce Central Authority work.
- Can Create world equal currency
- Immutability in records.
- Very useful in the supply chain, voting system, and crowdfunding.