Cryptocurrency and blockchain have become buzzwords these days. While cryptocurrency has been a tad easier to understand as a concept, the blockchain technology that cryptocurrency runs on has been a complex one to grasp. In the simplest of terms, blockchain can be defined as a database that stores data in blocks. The information is recorded in these blocks in a way that makes it difficult to hack or cheat or change the system. Since the blocks of information create a chain, hence the name blockchain.
How Does It Work?
A blockchain is essentially a digital ledger that keeps a record of all transactions carried out on the system. These transactions are then duplicated to be reflected across all computer systems active on the blockchain. Every time a new transaction is carried out the blockchain stores the data on that participant's block and is reflected across all digital ledgers on that network. All transaction data present on the systems of the blockchain can be accessed from any part of the world.
Continue reading: https://www.ndtv.com/business/what-is-blockchain-and-how-does-it-work-find-out-here-2511764
How Does It Work?
A blockchain is essentially a digital ledger that keeps a record of all transactions carried out on the system. These transactions are then duplicated to be reflected across all computer systems active on the blockchain. Every time a new transaction is carried out the blockchain stores the data on that participant's block and is reflected across all digital ledgers on that network. All transaction data present on the systems of the blockchain can be accessed from any part of the world.
Continue reading: https://www.ndtv.com/business/what-is-blockchain-and-how-does-it-work-find-out-here-2511764
