A blockchain is just a database for recording
transactions-and the same database is copied to all the computers in a participating
network. In short, blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. It’s a distributed database.
Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain. Information held on a blockchain exists as a shared- and continually reconciled database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.A blockchain is thus called to as a ‘distributed ledger’. Data
in a blockchain is stored in fixed structures called ‘blocks’. The important
parts of a block are:
its
header, which includes metadata, such as a unique block reference
number, the time the block was created and a link back to the previous block
its
content, usually a validated list of digital assets and instruction
statements, such as transactions made, their amounts and the addresses of the parties
to those transactions.
Here's How Bitcoin Blockchain Works
“blockchain enables two entities that do not know each other to agree that something is true without the need of a third party. As opposed to writing entries into a single sheet of paper, a blockchain is a distributed database that takes a number of inputs and places them into a block. Each block is then 'chained' to the next block using a cryptographic signature. This allows blockchains to be used as a ledger which is accessible by anyone with permission to do so. If everyone in the process is pre-selected, the ledger is termed 'permissioned'.”- Sunny Ray, Unocoin.
The USP of blockchain is that it allows two parties to execute a
transaction without any intermediary. Blockchain allows financial institutions
to execute and verify transactions discretely without any human intervention.
The electronic ledger of transactions is continuously maintained and verified
in 'blocks' of records. With the help of cryptography, the tamper-proof ledger
is shared between parties on computer servers.
Source: Deloitte, Business Today, VCCircle. Compliled and presented by: Preetham Shetty & Co. Chartered Accountants
Great Article
ReplyDeleteBlockchain Project Ideas for Students
Final Year Project
Domains for CSE
This comment has been removed by the author.
ReplyDeleteThanks for your insight for your fantastic posting. I’m glad I have taken the time to see this. bitcoin shorts vs longs
ReplyDeleteOh my goodness! an incredible article dude. Thanks a lot Nevertheless I’m experiencing problem with ur rss . Don’t know why Cannot subscribe to it. Can there be everyone finding identical rss dilemma? Anyone who knows kindly respond. Thnkx https://royalcbd.com/product/cbd-capsules-25mg/
ReplyDelete
ReplyDeleteIt is really a great work and the way in which you are sharing the knowledge is excellent.Thanks for your informative article
Blockchain Technology
You have worked nicely with your insights. Lots of valuable data can be taken from your article. Genuinely it is a significant article for us. Ethereum blockchain certification
ReplyDeleteIf you are looking for more information about flat rate locksmith Las Vegas check that right away. look for info
ReplyDeleteKraken is one of the most established crypto currency trade stage. kraken is the greatest trade as far as volume and liquidity for EUR exchanging sets. AAX Referral Code
ReplyDeleteMost importantly one should know that a technician does a quality job, which is not the case when you call up a computer savvy friend instead to fix up your computer. see more here
ReplyDeleteIt is better for users to do a lot of research before investing the money. OKX Referral code NEW100
ReplyDeleteI am very thankful to you that you have shared this information with us. Read more info about Crypto Exchange. I got some different kind of knowledge from your web page, and it is really helpful for everyone. Thanks for share it.
ReplyDeleteMoreover, the web-based platforms are now available on desktop computers as well as laptops, tablets and mobile phones which increase the trading access. binary options trading
ReplyDeleteYou are giving such interesting information. It is great and beneficial info for us, I really enjoyed reading it. Thankful to you for sharing an article like this.exodus wallet canada
ReplyDeleteReally appreciate you sharing this article. Thanks Again. Really Great.Blockchain instagram
ReplyDeleteAmazing post, thanks for sharing such an informative article. Useful and interesting. Take look at this too cryptocurrency transaction monitoring. Thanks!
ReplyDelete