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Blockchain Development Company

Blockchain Development Company

blockchain_Development_Company.pdfBlockchain Development Company

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

proof.

If you are looking for blockchain development company kalibroida

is the best option for you.

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

Bitcoins.

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

from blockchain.

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.