Blockchain Technology:
Blockchain is new trending topic arround the world nowadays , & an amazing technology of 21st century.Founder of blockchain technology was Satoshi Nakamoto in 2008.If you have heard about this technology then you must know Bitcoin. Well, the blockchain is the underlying technology that powers Bitcoin.
Blockchain is a shared ledger of facts, in which each transaction is digitally signed to ensure its authenticity and integrity.A block is record of a new transactions. When a block is completed, it’s added to the chain.So this system is open and public , anyone who is able to connect to the network via internet is able to retrieve a copy of blockchain
Encryption & decryption in Blockchain:
Encryption is a process that makes the information unreadable to humans.It is only possible to make it readable if you have a appropriate key to unlock encryption through a process called decryption.
How Blockchain Technology Works:
When a transaction comes in to a blockchain, generally a majority of the nodes compete to find the solution to mathematical problem in order to verify transaction.If a majority of the nodes come to a consensus that the history and signature is valid, the new block of transactions is accepted into the ledger and a transaction is verified and added to blockchain.This model allows blockchain to run as a distributed ledger without the need for some central authority validation.The data included in block could be essentially anything. for example, aspects of blockchain technology might prove useful when it comes to authorizing transactions, which is done through compliance regimes.The largest example of blockchain in use, Bitcoin, employs an anonymous public ledger in which anyone can participate.
for Example:
Lots of people are making bitcoin transactions. Each transaction originates from a wallet which has a “private key.” Signature is a part of encryption process that proves that someone has the private key.This is done through mathematical process called hashing more commonly called mining. Signature is unique for every transaction.These individual transactions are grouped together into a block, then block is added to chain then record of ownership of money moves towards the receiver.
Steemit is also a blockchain technology based platform. Steemit is a blogging website that uses its Steem blockchain-based rewards platform for publishers
