What is blockchain? | Blockchain technology | Bitcoin

 

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Today we are discuss about What is blockchain ,Blockchain technology ,Bitcoin.Stay With Us Friends. 

Many people think of blockchain as the technology that powers Bitcoin while this was its original purpose blockchain is capable of so much more despite the sound of the word there's not just one blockchain blockchain is shorthand for a whole suite of distributed ledger technologies that can be programmed to record and track anything of value from financial transactions to medical records or even land titles you might be thinking we already have processes in place to track data.

What's so special about blockchain let's break down the reasons why blockchain technology stands to revolutionize the way we interact with each other reason number one the way it tracks and stores data block chain stores information in batches called blocks that are linked together in a chronological fashion to form a continuous line metaphorically a chain of blocks if you make a change to the information recorded in a particular block you don't rewrite it instead the change is stored in a new block showing

That X changed to Y at a particular date and time sound familiar that's because blockchain is based on the centuries-old method of the general financial ledger It's a non-destructive way to track data changes over time here's one example

Let's say there was a dispute between Ann and her brother Steve over who owns a piece of land that's been in the family for years because blockchain technology uses the ledger method there is an entry in the ledger showing that Adam first owned the property in 1900 when Adam sold the property to Dave in 1930 a new entry was made in the ledger and so on every change of ownership of this property is represented by a new entry in the ledger right up until.

Ann bought it from their father in 2007 and is the current owner and we can see that history in the ledger now here's where things get really interesting unlike the age old ledger method originally a book then a database files stored on a single system blockchain was designed to be decentralized and distributed across a large network of computers this decentralizing of information reduces the ability for data tampering.