What is Block chain?
A famous invention by a group of people nick named Santoshi Nakamoto, this is a new technology that created a revolution. But what is a blockchain actually? The idea originated in the year 1991. It was successfully launched in the year, 2009 to create a digital cyptocurency called bitcoin. The blockchain is a distribution ledger open to anyone. Each block contains three elements some Data, Hash, Hash of previous block. The data stored inside the block depends on the type of block chain.The bitcoin block chain for example stores the transaction details.The hash of each block actually the finger print. It contains all the details inside it. If the finger print changes it is no longer the same block. A hash is very useful, changing something inside the block Each block chain contains the hash of previous block. In this way the block creates a chain that makes the block chain more effective.Like for example,the block two contains the hash of block one and block three contains the hash of block two.The first block is the genesis block. Each and every block contains the information about different users, including their address and amount of transactions. There are countless number of blocks in the block chain that are connected with each other. The block chain is designed so that these transactions can never be deleted. The increasing size of the block chain is constantly creating problem because of the difficulty in storing and synchronization.
Block chain and Bitcoin
This is the technological invention of Bitcoin. A bitcoin is not regulated by a central authority. Instead the users dictate and validate transaction when one person pays another for good services. It eliminates the need for any third party. The completed transactions are recorded in the blocks and then into the block chain. A new block is attached to block chain within every 10 minutes.
Based on the Bitcoin protocol the block chain is shared by all nodes participating in the system. Upon joining the network each and every device receives the copy of a blockchain. This copy is the proof of all sorts of transactions. It contains the fact like how much amount belonged to a particular person.
Utility in tech companies:
As it does not require any middleman the tech start ups are adopting block chain technology more and more. Among the start ups the leveraging block chain technology for IOT devices is 21 Inc.
Advantages of Block chain
• It is much cheaper to maintain than traditional accounting system.
• A fully automated DLT system causes lesser amount of mistakes and eliminates the repititive confirmation steps.
• The processing is much faster
• Customers can use the wallet of their own choice.
• The customer's privacy remains intact
Block chain and Bitcoin
This is the technological invention of Bitcoin. A bitcoin is not regulated by a central authority. Instead the users dictate and validate transaction when one person pays another for good services. It eliminates the need for any third party. The completed transactions are recorded in the blocks and then into the block chain. A new block is attached to block chain within every 10 minutes.
Based on the Bitcoin protocol the block chain is shared by all nodes participating in the system. Upon joining the network each and every device receives the copy of a blockchain. This copy is the proof of all sorts of transactions. It contains the fact like how much amount belonged to a particular person.
Utility in tech companies:
As it does not require any middleman the tech start ups are adopting block chain technology more and more. Among the start ups the leveraging block chain technology for IOT devices is 21 Inc.
Advantages of Block chain
• It is much cheaper to maintain than traditional accounting system.
• A fully automated DLT system causes lesser amount of mistakes and eliminates the repititive confirmation steps.
• The processing is much faster
• Customers can use the wallet of their own choice.
• The customer's privacy remains intact
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