What is Blockchain Technology & How Does it Work?
Trust & Security is the biggest concern in our technological world because data is always vulnerable over the internet. The blockchain is an ingenious invention of the 21st century that took a completely different approach to store, protect data & establish trust. The conventional way of storing data is to store it on centralized servers and provide service from it but that information is not trustworthy. Can you trust the data validator will not alter the data to swindle you? Can you trust your bank with a convenient way of storing data?
Definition of Blockchain
The blockchain is a method to store data & validate transactions from the majority of nodes or consensus in the network.
Blockchain was introduced with bitcoin in 2008, since then it emerged as a platform for developing cryptocurrencies. Cryptocurrencies are digital currencies where transactions are stored on a shared ledger and these transactions are validated by consensus therefore, it is next to impossible to add fake transactions in the blockchain.
In conventional banking systems, the centralized server which is maintained by the government or authorized banks is used to serve & validate transactions for which they charge annual & service fees. Whereas in case of cryptocurrencies a peer to peer network is used, every node of this network is a user with a computing device where copies of the ledger are maintained & synced.
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