What is Blockchain Technology? How this Work – Review & Guide

What is Blockchain Technology? How this Work – Review & Guide

The topic of our conversation today is Blockchain. After all, why is it so important in the crypto business, what are its features, and what is the solution to this problem? What is blockchain used for? What is a blockchain and how does it work? What is an open blockchain network? Today, we will talk about all the things that a corrupt businessman should know and should have in mind.

What is Blockchain?

First of all, keep in mind some basic information like a chain of locks in its name. It contains many kinds of information which are used as required. If its history is to be mentioned, it was created in 1991 by an expert group of commentators who had the function of securing digital documents that had a lock function and subsequently altered the information entered in their documents.

However, the problem was that it was not used properly and was considered largely unusable, but then the founder of the bitcoin, Satoshi Nakamoto, recreated it in 2009 on his theory, and since then It has been playing a very important role ever since.

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What is blockchain used for?

This is a distributed ledger that anyone can use easily, now as we mentioned its basic use for which it was made that any content or document is locked and can be changed. If not, how does it work? Contains content per block then the hash of block and hash of the previous block, Now what kind of content it will contain depends on where it is used, ie with what token it is being used; For example, if someone uses a bitcoin, it will indicate who is sending how much money at what time. The second is that it has a hash value.

How Does Blockchain Technology Work?

And it’s always unique. As soon as a block comes into existence its hash value is recorded and if any change occurs in the block then its hash value also changes. A change is possible. The third thing in the block is the hash value of the previous block and this is what makes it a feature. It has become a chain and that is why it is considered so reliable.

Another theory used in the blockchain is called proof of work. If bitcoin’s blockchain is mentioned, a new block is added in about 10 minutes. It is completely decentralized, meaning that it is not subordinate to anyone, not an institution, not a bank, not an individual. Blockchain uses a transparent network and everyone in the world can keep a copy of their personal blockchain.