With the news of ransomware spread in the technology world, everybody must be aware of bitcoin. It is nothing but, digital currency which has simply revolutionized the way payments are made. Bitcoin is an application which works on the Blockchain platform and can be considered as one of the best innovation of time. The demand of Blockchain development has increased over the years and will do in the coming years.
Blockchain comes with a number of features and they are:
To put in simple terms, decentralized system allows storing assets over the network which can be accessed over the internet. When we say the assets it can be anything ranging from chain-of-evidence documents, contract, property registry documents or a token. Through decentralized technology the owner gets to have direct access using a private key. The assets can be transferred by the owner whenever he wants.
Today Blockchain is considered as an effective option to decentralize the web. The technology has the potential to bring huge changes in the existing industries and has proven itself for the same. With the use of this technology the individuals will be able to have direct control over their assets, which will bring down the costs that third party charges them in the form of transaction fees.
A distributed ledger
Blockchain is a ledger which provides information of all the digital transactions, which has taken place and the information of the participants. A block is part which stores all the record of recent transactions. Once the task is completed it goes back to the Blockchain. Once the block enters the Blockchain, a new block is generated.
With this technology every transaction can be recorded and shared on the network. The transactions can be validated by the users on the network and each one of them can have a copy of the ledger. Any change in the ledger will be reflected in the copies with time. The accuracy of the assets is maintained cryptographically using keys and signatures and it is controlled by the participant.
Offers tamper free environment through safe and secure ecosystem
Blockchain has the feature to check for updates and update itself regularly every few minutes. This helps in having a very robust system. A powerful network is created by nodes and each node work as an administrator of Blockchain. The nodes work to solve computational puzzles by competing to win digital currencies. This means the specific nodes look for blocks which has the information of all the recent transactions.
Hash – Offering authenticity
At many instances authenticity of documents and data is very important. Organizations have sensitive data which needs to be protected. A hash is created whenever a file, data or a document is stored. The data of fixed length which is different for every transaction is created through algorithm. The block has two parts namely – a header and a transnational part. The header portion contains the hash of the previous block and refers to it as well as contains the hash of the present block. This process makes Blockchain immutable.