WHAT IS BLOCKCHAIN
TECHNOLOGY? HOW DOES
BLOCKCHAIN WORK?
T
he term "Blockchain technology" has probably come up with
cryptocurrencies like Bitcoin over the past few years. Maybe you're
thinking, "What is Blockchain technology exactly?" Blockchain is a
platitude, but only in the hypothetical sense because it lacks a tangible
meaning, one that the typical person can clearly understand. It is essential to
explain "what Blockchain technology is," including the technology
involved, how it functions and is becoming important in the digital sphere.
You are responsible for educating yourself on this developing
technology to be ready for the future when Blockchain develops and
becomes more approachable. If you're new to Blockchain, this is the best
location to learn the basics. In this chapter, you will discover how to
respond to the query, "what is Blockchain technology?" Additionally, you
will find out how Blockchain functions, why it's significant, and how you
may use it to advance your profession.
What is Blockchain?
To comprehend Blockchain, you must know that a block is only a piece of
data. Anything that may be stored digitally, like financial transactions,
invoices, bills of lading, or hashes from the block previously added to the
chain is included in that block.
What is a hash? Consider it a statistically determined fingerprint that
identifies every piece of information in that block. The fingerprint of the
previous block is included in every block, and this chaining of hashes gives
the Blockchain its immutable characteristics. The hash of that block and all
succeeding hashes will change if someone went back and changed a
transaction in the chain.
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