Published Apr 14, 2021
2 mins read
407 words
This blog has been marked as read.
Read more
Economics
Technology
Investment

Understand The Block Chain In Simple Way

Published Apr 14, 2021
2 mins read
407 words

BLOCK CHAIN:

 

 

Block chain is the locker of your currency data.

Block chain is the chain of blocks that contain information.

Block chain is also called Distributor ledger.

Block chain contain two keys.

1.Public keys

2.Private keys.

Public keys is key to find out any errors in the block chain 

Private keys are find out the errors in induvidual person.

No hackers can control block chain

No one can eradicate the data information

No one will destroy the data completely

Once there is any problems in data,Block chain gives the signal alert.

The signal alert is the locker of block chain

No service charge and the transaction charge

No risk or harm '

Data stored completely safe and secured.

Block chain classified in three types

1. Data

2. Hash

3. Hash of previous block.

1.DATA:

Example:

     From : XXX   (Sender) 

     To:      XXY    (Receiver)

     Amount: 100000BTC

The Data stores the details about a transaction, such as Sender,Receiver and amount of coins.

2. HASH:

The second part is hash.You can compare a hash on a fingerprint.

It is unique and secured.

Example : Fingerprint 

Your fingerprint shown as a digital format like as Examples:

Y58nsgy3gg6jja7vvg2ggsh

E66egg8lgg688bef9llna58nhg⁸

Hog6559itfjff7eo59y97fe2yek5y

Once a block is created,it's hash is being calculated.

Hash means recording your data in a secured manner.

If you change something inside the block will cause the hash to change. 

Hashes are very useful to detect the error or hacking or changes in the blockchain. 

3.HASH OF PREVIOUS BLOCK

This effectively creates a chain of blocks and its technique that makes a blockchain

This technique is completely create a block chain.

This technique is secured a blockchain.

Let's take an example

Raina transfer $5 as Dhoni.It is sended by G-Pay or Paypal.

Now Dhoni send the $7 to Virat,but the money was not send due to the technical issues in the bank server.

In block chain there is no problems comes under technical issues,hackers.Your transaction and your money will be particularly safe and secured in the hash as a block chain.

 

Your Transaction always connected into one server to another server.

For examples:  Block 1 = Previous transaction + Present transaction #

                         Block 2= Previous traction #(in Block 1) + Present transaction @

                         Block 3= Previous transaction @ (Block 2) + Present transaction $.,

This process continuous in the form of infinity.
 

Block chain simply safe and secure process for your money.Block chain is the future technology.


 

#INVESTMENT
13
3
raoul.gupta 4/29/21, 3:17 AM
1
Follow me n like my post I will do the same
1
navsa0705 5/3/21, 7:10 PM
Follow views like and comments I will give you too, ❤️
saniya.kamal 5/30/21, 1:02 AM
Nice blog Please follow me then I will follow u back

Candlemonk | Earn By Blogging | The Bloggers Social Network | Gamified Blogging Platform

Candlemonk is a reward-driven, gamified writing and blogging platform. Blog your ideas, thoughts, knowledge and stories. Candlemonk takes your words to a bigger audience around the globe, builds a follower base for you and aids in getting the recognition and appreciation you deserve. Monetize your words and earn from your passion to write.