If you’re new to the world of blockchain, chances are you’ve heard the word thrown around by cryptocurrency enthusiasts, but haven’t quite been able to wrap your head around what it means. Blockchain technology can be difficult to understand, even for those with plenty of experience in the world of IT and software development. This article will give you an introduction to blockchain technology, along with clear explanations of how blockchains are built and how they work. If you have an interest in learning more about this groundbreaking technology,
read on: Blockchain Technical Explanation: What’s The Ultimate Game Behind It?
What is blockchain technology?
If you’re like most people, you’ve probably heard of blockchain technology but don’t really know what it is. Basically, a blockchain is a digital ledger that records transactions. Each transaction is verified by a network of computers, and then added to the chain. This makes it very difficult to tamper with transactions, since every computer in the network would have to be hacked in order for someone to change just one transaction.
Why do we need it?
We need blockchain technology because it provides a secure, decentralised way to store and transfer data. With blockchain, there is no need for a central authority to manage and control the data. Instead, each participant in the network has access to the data and can add new blocks of data to the chain. The data is then verified by all participants in the network before it is added to the blockchain. This makes it virtually impossible for anyone to tamper with the data.
How does it work?
If you’re not familiar with blockchain technology, it can be tough to wrap your head around. But don’t worry, we’re here to help. Here’s a basic explanation of how blockchain works Every time there is a transaction in the network, data about that transaction is added to a block (a list of transactions). The block contains information about who sent and received what from whom and where this happened.
Example – The Big Bank Fraud
Have you ever wondered how big banks keep track of all their transactions? The answer is blockchain. Blockchain is a digital ledger that records all transactions in a secure, tamper-proof way. This means that if there was ever a fraud attempt, it would be immediately apparent. In order to understand how this works, let’s use the example of The Big Bank Fraud (where someone manages to forge a fraudulent transaction and takes money from another person’s account).
The first thing to know about this scam is that they have to create an original copy of one of your signed checks. Next, they go into your account and change the details so it says pay $10K to _______ (the name they want) instead of pay $10K to YOURSELF on line 3.
Who uses blockchain technology?
Individuals, companies, and governments are all exploring how they can use blockchain technology to improve their businesses or operations. For example, banks are investigating how they can use blockchain to streamline their international money transfers. Meanwhile, companies are looking into using blockchain to securely store customer data or supply chain information. Governments are even considering using blockchain to help them track voting and citizenship records.
Who doesn’t use blockchain technology?
1. The first thing you need to know about blockchain is that it’s a distributed database. This means that there is no central server that everyone has to connect to. Instead, each computer in the network has its own copy of the database.
2. Whenever a new transaction is made, it is broadcast to all of the computers in the network. Each computer then verifies the transaction and adds it to their own copy of the database.
3. Once a transaction has been added to a block, it cannot be changed or removed. This is because each block contains a cryptographic hash of the previous block. Changing any data in a block would change its hash, which would invalidate all subsequent blocks.
