[Series] What is Blockchain Technology? Beginners Guide - Techmidroid

Wednesday, 26 September 2018

[Series] What is Blockchain Technology? Beginners Guide

Okay guys,
We think you guys are tired on looking our blog and no more updates. Sorry for the delay. So today we can talk about the advanced technologies of blockchain from its begining.
I think most you guys are well known the name bitcoin rie?
So friends in this article we are discussing about the basics of blockchain technology and an intro to that subject

What is Blockchain technology?

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
                                                                    Don & Alex Tapscott,

                                                                    authors Blockchain Revolution (2016)

"The practical consequence [...is...] for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate."
- Marc Andreessen

 These words are from renowned person simply blockchain technology is
"A technology which is invented to transfer digital data from one node to another with minimal charges and incorruptable way"

Before moving to next explanations you needs to know about the key words

Private key
P2P network
Distributed ledger

blockchain technology is storing data across the network as blocks. These blocks containing informations of timestamp, data , hashtag. 
Blockchain destroy the traditional ways of data transfer by the implimentation of digital trust. 
Trust is the key factor which a holds a organizations existence. By implementing blockchain technology into a field means simply they accuring digital trust.

How blockchain technology works?

By the help decentralized global network of computers every transactions are recorded in the database. Two computers act as nodes and other ones act as the verification units. As the name decentralized means the system works peer to peer network (user to user) basis. So the system is not controlled by any third parties. And verification of data is processed by computers in that network.

The most recognized application on a blockchain is bitcoin transactions.
The transferring of value from one person to another with no central intermediary, and the system designed for the error proofing of the 'double spending money'.

Lets have some idea about bitcoin

It is the virtual currency which is working on the blockchain technology invented the time of economic crisis in America.  It is feature because of the double spending rule. On the year of 2015 marketcap of the digital currency get boomed.

So guys wait for the next article for the etherium framework and smartcontracts.
Feel free to express your doubts and clarification of the content.

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