The creation of blockchain technology grabs the curiosity of many, and soon many more people will understand the technology. In addition, Blockchain Technology is useful for other things like medical records, creating digital documents, and maintaining corporate finances.
What is Blockchain Technology?
Scientifically speaking, a blockchain is a collection of blocks connecting data in a sequence. The block is a collection of data and information collected in a block and hash of the previous block.
When a new block attaches to this chain, they act as connectors forming a blockchain.
In other words, Blockchain is stored in a ledger that records and stores in this record-keeping book (Ledger), which is obtainable to everyone but is unalterable. Thus making it perfectly safe and secure.
Blockchain is attempting to solve the problem of intermediaries, also called third parties; the issue of third parties is that they take a minimum of 3 days to transfer money and charge the fee. Blockchain is trying to do this immediately, and the fee is cheaper than a third party collects.
Imagine a chain of blocks; if you change the details recorded in a particular block, the whole block is not altered. Instead, the details are stored in a new block. So, for example, N changed to P at a specific date and time.
Continue reading: https://readwrite.com/understanding-blockchain-technology-made-easy/
What is Blockchain Technology?
Scientifically speaking, a blockchain is a collection of blocks connecting data in a sequence. The block is a collection of data and information collected in a block and hash of the previous block.
When a new block attaches to this chain, they act as connectors forming a blockchain.
In other words, Blockchain is stored in a ledger that records and stores in this record-keeping book (Ledger), which is obtainable to everyone but is unalterable. Thus making it perfectly safe and secure.
Blockchain is attempting to solve the problem of intermediaries, also called third parties; the issue of third parties is that they take a minimum of 3 days to transfer money and charge the fee. Blockchain is trying to do this immediately, and the fee is cheaper than a third party collects.
Imagine a chain of blocks; if you change the details recorded in a particular block, the whole block is not altered. Instead, the details are stored in a new block. So, for example, N changed to P at a specific date and time.
Continue reading: https://readwrite.com/understanding-blockchain-technology-made-easy/
