What is blockchain and how does it work?
Blockchain is a combination of two words . Block and chain are two different words, these two words combine to form one word,blockchain.
The origins of blockchain
The first blockchain using cryptographic technology was first introduced in 1991, although it did not see the light of day. Its actual use was made in 2007 by an unidentified person named Satoshi Nakamoto. Who started using blockchain technology for cryptocurrency or bitcoin transactions. At present, there is a growing awareness around the world about the use of blockchain.
Since the journey of blockchain has started successfully through the use of bitcoin, it is easy to understand how blockchain is transacted if you want to understand blockchain easily.
How does blockchain work?
In simple terms blockchain is a distributed open laser. Let me put it in a little simpler language. We see that different offices-courts have a large register so that different information is recorded. This ledger is called a laser. Which no one but the staff of that office can see. The transaction that is done using the exact blockchain is stored in a laser on the chain steam. Which everyone can see.
Suppose, I will send bitcoin to any person if any information or easy to understand through blockchain. Then when I send that person's address, my transaction will be taken in a block. That block is then inserted into a (#) hash for security purposes. And one block is connected to the other. Each block contains the address of its previous block thus connecting one block to another. On the other hand, all the transactions that take place at the same time are put into one block. For which thousands of computers work. And all computers have a copy of that block. This is how strong networks or chains are created. And the letter of credit that is deposited for the future through the chain is called laser. From where we can all see the transactions.
Depending on the strength of the system, each block takes less than 10 minutes to build. One block joins another block to form a chain system. And that is why it is called blockchain.
The advantage of blockchain
Blockchain is a technology that is very secure and fast. Safe because it is impossible to match the transactions you make using blockchain. Suppose you make a payment to someone using a blockchain, then your information immediately reaches all the computers connected to this system. And to give the information validity, the hash of the previous transaction will be added to your transaction. This way the hash of your transaction will be linked as the hash of the next transaction. In this way the chain system continues.
If someone wants to hack blockchain technology and make a discrepancy between its information, it is impossible to do so. Because to do that, he has to hack thousands of computers at the same time. Because as I said before, as soon as every transaction is created, its information reaches thousands of computers. And it takes about 10 minutes to create a block with more transactions. And so to change the complete information of a block; Hackers will have less than 10 minutes. And it is imaginary to hack thousands of computers during this time.
The popularity of blockchain
You can easily guess from the above information how impossible blockchain hacking is. Also you can complete your transaction in very little time. As a result, the popularity of blockchain is increasing day by day. However, its success began with cryptocurrency transactions. But plans are afoot to use it for many purposes. As such some banks are conducting tests for its use. Research on its use in this way continues day by day.