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The world is changing fast and the technology is playing a key role here. The scientists are doing a great job to find out better technologies that can bring better facilities and services that men can use for improving their lifestyle. The evolution of Blockchain has been a remarkable scientific achievement that has been responsible for some outstanding changes that men have already started to experience. The technology has put forth the Blockchain Software that has brought some revolutionary changes in the task of value transfer using the Internet only.
What is a Blockchain all about?
A blockchain is an online ledger that keeps and preserves the bitcoin transactions that have taken place ever. If you compare this online ledger to the bank ledger, you would not find many differences there. However, the significance of the Black Chain Technology increase manifold by the fact that the transactions do not involve any banks or bank accounts anywhere. The transactions only register the name of the sender and that of the receiver.
The bank has its own system to view these transactions, and these can be seen by no one else. The block chain transactions can be viewed and shared by thousands of participants/ users who are interconnected with their computer system. These participants are known as miners, and anyone can become a miner. They just need to download and install the block chain software in their own systems. The records of transactions are highly reliable as they cannot be deleted, changed or modified after they are entered in the software once.