How Blockchain work | what is blockchain and how does it work | how does blockchain work .

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How Blockchain work | what is blockchain and how does it work | how does blockchain work .

How Blockchain work | what is blockchain and how does it work | how does blockchain work .

Mainly Blockchain Technology works in three ways. Which is as follows:

1.Blocks
2.Miners
3.Nodes

What is Blocks? How do Blocks work?

Many Blocks work under Blockchain Technology. If a block is filled with the data submitted by the person, then the data is automatically added to the other block. We call this technology Blocks.

Whenever a person does any kind of transaction, then a hash number is created in each of the blocks, which is associated with the previous block.

If any person third party tries to tamper with these blocks. So its hash numbers change instantly and it can be easily detected that someone has tampered with these blocks.

What is Miners? How do miners work?

Miners are considered to be the most important part in Blockchain Technology. Because in Blockchain technology only Miners work to create new blocks. Whenever any kind of transaction is done under Blockchain technology. So the miners create a new block.

Suppose you have done transaction through Bitcoin. If you have done this, then the information about this reaches the miners first. And then the miners convert your transaction details into a block and add a new hash number there.

Miners work like a mathematical puzzle, which is impossible for the human brain to solve. A powerful computer is needed to solve this.

What is Nodes? How do Nodes work?

Nodes have been given the task of data storage in Blockchain. In Blockchain technology, any type of transaction or transaction information is stored with the nodes. Meaning this person works to maintain the account.

Why should we have knowledge about Blockchain?

There are three main reasons why we should know about Blockchain technology:

  1. There is no need for Blockchain technology to exist publicly. It can also exist privately very easily – where nodes are pointed easily in a private network and Blockchain technology works like a distributed ledger.

In this financial institutions are under a lot of pressure as they have to demonstrate regulatory compliance and hence many institutions are implementing Blockchain technology. Secure solutions such as Blockchain technology can become a huge and very important building block to reduce one’s compliance costs.

  1. The reach of Block-chain technology is much more than finance. It can be easily applied to any multi-step transaction where traceability and visibility is required. A supply chain is a notable case where blockchain technology is used to manage leverage and audit sign contracts and product provenance.

Along with this, this technology can also be used in voting platforms, in titles and deed management. As the digital and physical worlds are getting converged, the practical applications of Blockchain technology are also increasing gradually.

  1. The exponential and disruptive growth of Blockchain technology can come only when public and private Blockchains can coexist, in an ecosystem where firms, customers and suppliers can easily collaborate together in a secure, auditable and in a virtual way.

How Secure is Blockchain?

In this way, nothing on the internet is secure at all. On the other hand, if we talk about Blockchain technology, then this technology is “unhackable” to a great extent in comparison to the rest of the technology. To do any transaction in Blockchain technology, all the nodes of the entire network have to agree, it is required to do it, only then that transaction becomes valid. Here no single entity can say whether a transaction has taken place or not.

To hack this technology, you need to hack all the systems located in the entire network, so hacking is not such an easy thing in this blockchain technology.

The computing resources of almost all blockchains technology is very tremendous because there is not only one computer available here, but many computers are connected in this network.

Click here to know history of blockchain

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