Sunday, 1 July 2018

What is BLOCK CHAIN?


It is a technology that enables Bitcoin or any cryptocurrency to transfer from one person to another person.

Bitcoin is not blockChain.

If we can transfer money through conventional banking system then why do we need BlockChain ????

Money transfer through Conventional banking System :-



We don't show the Third trusted party our financial or business records.Instead, we rely on trusted intermediaries, such as a bank or lawyer, to view our records, and keep that information confidential.
These intermediaries build trust between the parties and are able to verify.



 A suite of distributed ledger technologies that can be programmed to record and track anything of value, from financial transactions to Medical Records or even land titles.

 Let's say there was a dispute between Anne and her brother steve over who owns a piece of land that's been in the family for years. Because blockchain technology uses the ledger method, there is an entry in ledger showing that Adam first owned the property in 1990. When Adam sold the property to Dave in 1930. a new entry was made in the ledger, and so on.


A cryptographic puzzle must be solved, thus creating the block.

The computer that solves the puzzle shares the solution to all the other computer on the network.The is called proof-of-work

The network verifies the proof-of-work.

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