Yogita Soni
IT and Websites

Block Chain Technology

Block chain is invented in 2008, by Satoshi Nakamoto. It is referred to (DLT) Distributed Ledger Technology. Block chain is a collection of records that stores data publicly. Block Chain Technology is a document type in which there is a collection of data of transaction and can share the data in the group, rather than copied data it can distribute in the groups. Cryptocurrencies are form of digital or virtual currency that runs on technology known as block chain. Block chain do not need a central authority.

Like example, there are two friends Ric and Jer. Ric wants to transfer the money to the Jer in the bitcoins. The process of transferring the money is store in the block like this every transaction data store in a box and all the boxes is linked to each other in a chain and this linked block chain is knowns as Ledger. Hacker cannot access your data transaction because user have copy of the ledger. Bitcoin users have two key a public key and a private key. Public key is an address which everyone knowns about that key like an email which is share publicly. And in a private key only the user knows about something like password of account.

Contents hide

1 Some important concepts of Block Chain

2 Some features of Block Chain

3 Related

Some important concepts of Block Chain

1. Blocks

In every chain it includes multiple blocks and every block have elements
First is data which is store in the block.
Second is nonce. Nonce contains 32-bit whole number. It generates randomly when the block is create.
Third is hash. Hash is start from very small number. Hash contains 256-bit number.

2. Miners

It creates new block in the chain this process is mining. Creating a new block is not easy by mining because in a chain it has a unique nonce and a hash. It helps to solve the math problems as nonce contain 32-bit and hash contains 256-bit so it is very difficult to solve the right one. When in the chain block is mine then miners get reward.

3. Nodes

Nodes connected to the chain; it is not a distributed ledger. It can be an electronic device which maintain copies of blocks and keep the network functioning. Node has copy of chain and new mine block should be approve and updated.