Blockchain Technology was introduced by Satoshi Nakamoto also the inventor of the first cryptocurrency Bitcoin. Blockchain Technology is used for various purposes. In, simple words Blockchain technology is a system which is recording information in such a way that it makes it difficult to hack or alter. In the blockchain, all the transactions records are stored in blocks. Blockchain's main purpose was to record digital information but not to edit it. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.
In, order to create a successful transaction on the blockchain two keys are being provided to each individual those two keys are the Public key And Private Key. these two keys help to create a successful transaction. the two keys are the secured identity and this secured identity plays a huge role in the blockchain. The digital signature is merged with the peer-to-peer network. Blockchain technology uses hash encryption to secure the data the blockchain uses the SHA256 algorithm The address of the sender (public key), the receiver’s address, the transaction, and his/her private key details are transmitted via the SHA256 algorithm.
The SHA256 algorithm makes blockchain so secure that it is difficult to hack with it. each block in the blockchain has these three main elements which are data, the hash of the earlier block, hash. when a transaction starts the transaction is transmitted to different peer-to-peer computers around the world then, the computers start solving complicated problems to approve the validity of the transaction. when they confirmed transactions they are gathered into the blocks then the blocks are chained together hence creating a blockchain and then the transaction is complete.
Blockchain technology is also so transparent you can transparently view the transaction if you have the personal node or by using a blockchain explorer. Blockchain adds every block to its chain chronologically and in a precise combination, each block in the blockchain has its separate hash Hash codes are created by a mathematical function that turns digital information into a string of numbers and letters. blockchain is now being popular and is adopted by many companies. blockchain is been used in various sectors like finance, healthcare, and many other blockchains technology is going to be practiced in future technologies.
