Blockchain Development Company |
Posted: March 23, 2018 |
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.
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 tomake any transaction means we are solving a really complex mathproblem ( 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 ?
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