The coolest innovation of the decade is here- The Block-chain Technology
What is the block-chain?
Block- A block is kind of a box which contains some data.
Blockchain – A blockchain contains n no of blocks which are connected to each other via a chain.
Blockchain Technology– This technology is based on cryptography and growing as a recent advancement in the field of cryptocurrencies like Bitcoins, where it is meant to transfer the data in the form of information which is linked and secured inside these blocks using some cryptographic techniques,the information is sent from a sender to a receiver over the super secured chained network on the internet.
|“Everything will be tokenized and connected by a blockchain one day.”
– Fred Ehrsam
(An American Businessman)
BLOCKCHAIN- the engine of the new token economy
It is a public electronic ledger – similar to a relational database – that can be openly shared among disparate users and that creates an unchangeable record of their transactions, each one time-stamped and linked to the previous one. Each digital record or transaction in the thread is called a block (hence the name), and it allows either an open or controlled set of users to participate in the electronic ledger. Each block is linked to a specific participant hence, is the more efficient way to share information between open and private networks.
HOW MUCH SECURE?
In a ledge of transactions an, each page forms a block.That block has an impact on the next block or page through cryptographic hashing.that is, when a new block is completed it creates a unique secure code, which ties into the next page or block creating a chain of blocks, or blockchain.
It was Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.
The Blockchain is the future of storing data in servers.