How much do you know about Blockchain technology?
The world of technology is evolving day by day. And, we are witnessing amazing wonders of technology each and every day. Since, the emergence of internet, people are getting to see new things. The vast horizon of Artificial intelligence and Machine Learning, Virtual Reality, Augmented Reality are some examples of latest technologies. But, recently, all of us are excited about cryptocurrencies and blockchain. These new technologies, have opened new possibilities for human civilization. The idea of blockchain is making us believe that the financial power in the future will not be under any super power, it will be distributed. Everyone will have access to their financial rights and all the transactions will be safe, secure, faster because of Blockchain. In this article, we are going to talk about Blockchain technology in detail. Click here to know about cryptocurrency exchange.
What is Blockchain?
Blockchain is a unique type of transaction system. It was introduced by a person name Satoshi Nakamoto. In blockchain there are a collection of blocks, which are connected with each other through cryptocurrency. All the transactions in blockchain is open and distributed and not controlled by any central authority. Visit this site to know about cryptocurrency exchange.
How transactions are done?
In Blockchain transaction, there are generally two parties, one is the sender and other is the receiver. The sender creates a block to start the transaction, then the transaction is passed through millions of computers around the world which are connected in this technology. Because of passing through millions of computers, it will be very hard/almost impossible to scamming within a blockchain transaction.
The block
It is the basic of component of blockchain. To make a transaction happen, a block is created and the block carries all the necessary information of that specific transaction. A block carries information of the previous block and all the necessary information of that specific transaction.