Do You Know All About Of Blockchain?

We've already covered what bitcoin is. But what is the technology behind bitcoin? The answer is blockchain. This video explains what blockchain is and how it works.

Bitcoin uses a new type of technology called blockchain. It's like an operating system. Bitcoin is one of many applications that run on it.

Since Bitcoin was the first application of blockchain. People often think they're the same thing but they're not an important thing to understand is without blockchain, crypto currencies like Bitcoin would not exist. So what is blockchain? It's a decentralized public ledger where every transaction is recorded and confirmed anonymously by members. In the network multiple copies are kept across millions of computers.

So it's really difficult to change something with her anyone else. Noticing that's what makes it so secure think of it like a Google spreadsheet the data in a blockchain is automatically stored in Packers of information called blocks. New blocks are linked to other blocks, hence its name blockchain. The chain is continually updated. So everyone has the same copy any slight change causes an error in the entire network. So if someone we're trying to change a transaction record that would have to hack every single computer on that network and change the same bits of information everywhere at the exact same time. This is what a blockchain is so secure.

Here's how it works.

When a transaction is performed, it is sent to a network and assumed as a transaction like buying or using Bitcoin is valid and will be included in the next block with a date and time. Stamp along with the unique identifying number called a hash. You're probably asking yourself where is this Bitcoin stored?

Well block chain technically does install coins it stores the transaction information.

The coins are kept in a wallet, which is a piece of software that keeps track of all your balances and lets you interact with the blockchain. To send and receive digital currency and blockchain isn't just for money. It's potential users are nearly unlimited and can be implemented for anything. That needs a nearly unhackable database. So is blockchain just the fad or is it the future?

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