What is blockchain Technology and how It works?-[Hindi]-Nadcab
Now let’s talk about blockchain research, the blockchain research started in 1991. But in 2009 Satoshi Nakamoto created bitcoin with the help of blockchain and from here the popularity of cryptocurrency was huge everywhere. Now we know when Blockchain was introduced but let us know what Blockchain is.
Blockchain is a kind of database, now what is a database? So a database is a collection of information that is stored electronically in the computer system. Blockchain is like a ledger. A ledger is one in which the record of all our transactions is kept, the same is the blockchain, and every single record of it is a single block. A blockchain is a chain of blocks. Now if we talk in reference to bitcoin, First thing is, relevant information (transaction details) is saved in a block of the blockchain. 2nd it has a hash (code) that is unique like a fingerprint and 3rd It also contains the hash of a previous block. Due to this these blocks are connected and a chain of blocks is formed. That’s why it is called a blockchain; the first block that does not contain the hash of any previous block is called the Genesis block.
Now as we know when we search for anything on google, it is retrieved by a google server because that data is centralized in a centralized network the whole network is controlled by a central authority means the authority is On one hand, like- Facebook, YouTube, WhatsApp, Twitter, etc.
Whereas in the decentralized network the network is not controlled by the central authority, in this we distribute the data to many nodes in which service is never down even if 1 or 2 nodes fail.
Data is not centralized in Blockchain, in Blockchain data is distributed. So if you are also a part of that network, then you will also have a copy of that data.
With the help of blockchain, it becomes easy for us to track the history of any data as well as it becomes difficult to hack it.
Blockchain technology is a trustworthy and transparent technology, in this, we do not need any central authority.
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