What is blockchain?
The blockchain is simply a chain of records ( blocks ). These blocks are growing continuously, secured and linked using cryptography.
Every record contains the information in the form of a hash pointer
which acts as a link to the previous block. In this way, a chain of
blocks is formed which is known as blockchain.
Blockchains are designed such that the data presentation cannot we
modified, hence it is a secure form of network and can be used was
very high security is needed. Hence blockchain can be used for the
applications such as identity records management, secure payment
processing, voting etc. We can simply say that blockchain is hack
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History of blockchain.
The concept of the blockchain was first developed in 2008 by an
unknown person or a group named Satoshi Nakamoto. The first
blockchain was implemented in 2009 as a base component for
Working of blockchain
Let us consider a cryptocurrency, As we now know that blockchain
consist of records ( blocks ). These records consist the information
of the new transaction ie the location of cryptocurrency, As soon as
each of the record ( block ) is completed It is added to the chain
such that the hash pointer has the link to the previous record ( block
) forming a secured chain of blocks known as blockchain.
What is Mining?
Cryptocurrencies are encrypted and are really secured. If we want to
make any transaction means we are solving a really complex math
problem ( ie the logic of algorithm ) the speciality of these it
becomes harder as the blockchain grows. Some people try to solve
this logic and if successful they get the cryptocurrency for free. This
process of extracting cryptocurrency by solving the algorithm is
known as mining.
How to access your data from Blockchain ?
Let us consider that you own a cryptocurrency. For access you have
given a really long password known as a private key. This private
key has its address on the blockchain. With the help of this key you
can withdraw your cryptocurrency. The most important thing is if
you loose this long password / private key you lost all your money
ie there is no option for the recovery of the key.
There is one more key given known as public key. This key is
basically used to receive the cryptocurrency from other to your
account. In this way with the help of keys you can access the data
Some Important points about Blockchain.
The information on blockchain is public. As the functioning of
Blockchain do not line on a single system or server, the transaction
done by you is visible to others ie blockchain is like Public Ledger.
Let us consider a example that you send a bitcoin to anyone or a
friend or you just sell it. This information about your transaction is
available publicly on the blockchain. The public only knows the
transaction value that is transferred using blockchain and not your
identity. This helps us bypassing the organization/ banks/government to track our money.