Bitcoin is one of the most widely accepted cryptocurrencies around the world. This is because of the blockchain technology that supports bitcoin transactions.
So, what is a blockchain? A blockchain is actually a large public database where every bitcoin transaction is stored as blocks.
Each block is encrypted via hash code, and blocks are linked with each other in such a way that any newly created block’s hash code is designed based on the previous block’s hash code. Because of this hash coding, if an anonymous person tries to tamper with the chain, the hash code becomes more complex, making theft impossible. Even very small changes in the network are indicated to all bitcoin users connected to the network. Continue reading “How blockchain technology works”
Few of us have heard of bitcoin and can understand the idea, but most people do not know what exactly the blockchain is simply the main general distributor book (database) for all bitcoins transactions that are executed in As ever, blocks are added in the blockchain in chronological order, and each node (computer in the network) has an identical and updated copy of the transaction history in bitcoins.
Bitcoin has not yet become a generally accepted currency, and the blockchain is still in its infancy, but they have the potential to make the biggest revolution in the financial industry over the past few centuries. Blockchains are also successful in other fields such as Internet for Purposes or Banking Services and blockchain technology enabling Purpose Internet products to increase their independence and self-implementation of their own financial transactions, while banks can deal with a large number of simultaneous transactions around the same time.
Continue reading “How Blockchain Changes the Business World”