Blockchain technology being one of the buzzword of these days, lets get some information regarding blockchain technology and how this works in case of bitcoin. The major application of blockchain technology is in Bitcoin, Bitcoin was invented in the year 2009 and published as an open source with an alias as Satoshi Nakamoto. Bitcoin was at first given name as “An electronic peer-to-peer cash system”. But the person or group behing the invention of bitcoin still remains mysterious.
The blockchain in the bitcoin is generally considered as a public ledger account which is used to record all the transactions between users of bitcoin. Blockchain is the decentralized digital public ledger. Once the transactions are recorded they cannot be tampered with or changed, it means that double spending can be prevented using the blockchain technology.
HOW DOES IT WORK ?
Blockchain is the decentralized digital public ledger. Blockchain consists of number of blocks and for each and every transaction an extra block is added to the blockchain. Blockchain technology doesn’t involve in interference of any third party member or authority in between and the transaction and transactions solely depends on the users i.e both payer and receiver. Bitcoin is often used to perform illegal activities thus it is banned or restricted in many countries.
There is no central authority over bitcoins, but there is a limit of about 21 million.
For each and every transaction taking place, a private key is originated from the crypto wallet, it is a digital signature which helps in making sure by providing a mathematical proof that the transaction has come from the wallet of owner.
For more detailed information about bitcoin and blockchain technology, please go through the below given infographic.
Infographic Source: https://bitcoinfy.net/bitcoin-and-blockchain-technology/
The blockchain in the bitcoin is generally considered as a public ledger account which is used to record all the transactions between users of bitcoin. Blockchain is the decentralized digital public ledger. Once the transactions are recorded they cannot be tampered with or changed, it means that double spending can be prevented using the blockchain technology.
HOW DOES IT WORK ?
Blockchain is the decentralized digital public ledger. Blockchain consists of number of blocks and for each and every transaction an extra block is added to the blockchain. Blockchain technology doesn’t involve in interference of any third party member or authority in between and the transaction and transactions solely depends on the users i.e both payer and receiver. Bitcoin is often used to perform illegal activities thus it is banned or restricted in many countries.
There is no central authority over bitcoins, but there is a limit of about 21 million.
For each and every transaction taking place, a private key is originated from the crypto wallet, it is a digital signature which helps in making sure by providing a mathematical proof that the transaction has come from the wallet of owner.
- The main advantage of blockchain technology is its nature that the transactions can’t be a altered and each block of the chain provides a cryptographic reference to the previous block.
- Each hash block of the chain is unique and meets certain cryptographic conditions.
For more detailed information about bitcoin and blockchain technology, please go through the below given infographic.
