We all are familiar with the word Cryptocurrency as well as Bitcoins. Have you ever wondered how it works? Where the records and data are stored? Which technology is used to maintain its efficiency? Let’s have a look on the new technology by the name “Blockchain”.
Here, we are providing ten simple lines on Blockchain in easy language so that it would be helpful for you to understand this topic very quickly.
Ten Lines on Blockchain in English
1) Blockchain can be understood as digital database.
2) Blockchain was invented by Satoshi Nakamoto (Anonymous identity) in 2008.
3) Blockchain is widely used by Cryptocurrencies.
4) Blockchain, as name suggests, consists of blocks connected through chains.
5) Blockchain is a decentralized system for holding records.
6) Records are highly secured in Blockchain.
7) Bitcoin is the first real-life implementation of Blockchain technology.
8) The blockchain network is categorized into four types; public, private, consortium and hybrid.
9) Each block in Blockchain contains record, own hash and hash of previous block.
10) Storing hash of previous block will eliminate the chances of data misplace.
1) Blockchain is a fastest as well as cheapest form of transaction.
2) Blockchain.com is a company which provides platform to manipulate crypto transactions.
3) Blockchain.com was founded by Ben Reeves in 2011.
4) Transactions in blockchain are irreversible.
5) As it is a new technology, one must have sufficient knowledge before working on Blockchain.
6) If one lost the private keys then accessing the Blockchain network would be nearly impossible.
7) Blockchain miners are responsible for verifying transactions.
8) Records of blockchain are immutable (can’t be changed), therefore can’t be hacked.
9) In Blockchain, peer to peer transaction takes place over distributed network.
10) Blockchain mining works on the basis of Proof of work (each transaction is verified by various nodes).
In the era of digital world, we enjoy every new technology but when we talk about digital payments, everybody is concerned with the security and privacy. However, transactions without involving third party like banks are also possible nowadays through Cryptocurrencies and the Blockchain forms the backbone of cryptocurrency.
FAQs: Frequently Asked Questions
Ans. Blockchain can be used in Cross Border payment, Securing Multiple Data, Voting Mechanism, etc.
Ans. Blockchain is a distributed and decentralized system making it secured.
Ans. Gemini, Circle, Coinbase, IBM, ScienceSoft, etc. are some famous blockchain companies.