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Blockchain Technology: All You Need to Know About Block-chain

Blockchain Technology: All You Need to Know About Block-chain

In : Technology By storytimes About :-1 year ago

What & How to Setup a Blockchain.info Wallet- The Complete Guide

In this era of technology, the digital world allowing users to make transactions online but the question arises what's the mechanism behind this and how Blockchain Technology are helping us with these? Well, the answer is simple and to understand better just go through this article.

What is Blockchain or what is the meaning of Blockchain?

Blockchains are basically the records where data is saved named as blocks. These blocks are secured and linked through cryptography. Where every single block holds the cryptographic hash of the prior block, the transaction data, and timestamp. The blockchains allow the user to share digital information but cannot be copied.

How does a Blockchain work?

Blockchain Technology

via: blockgeeks.com

Blockchains are the storage containers for the data and its distribution by the vendor to their customers as the information that can be viewed only not copied not edited. The complete working of blockchains you can figure out by above image.

What is Blockchain Technology?

According to the authors of Blockchain Revolution Don and Alex Tapscott “The blockchain technology is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

What is the Blockchain Concept?

Blockchain concept derived from the concept of the distributed database. For an example take a picture of a spreadsheet and you can share that with multiple users without any duplicity. Now imagine that a network is designed for such purpose that it can update the spreadsheet and you can only get the resulted file. So, the blockchains are publically shared the database that is easily accessible but not editable. Also, as it is not stored in the single location so it gives you the power of authenticity that single person can’t edit that.

Blockchain Technology

via: www.intheblack.com

What is a Smart Contract in Blockchain?

At the ancient times, the relation between the customer and the business is not direct. It was always a third party who played the mediator role between both. It may be in any form like government, banks or any institution that is relatable. These mediators hold some set of rules that to be followed to make the healthier relation between the both.

But now technology is changing day by day and nowadays customer deals directly with the company, this thing could be possible by the smart contract. The smart contract in Blockchain is basically set of rules that are embedded into blockchains in the form of a program.

We can understand this with an example, suppose you are a freelancer and agreed to work on the terms of an employer. So nowadays every freelancing site gives you the facility that your employer should put the payment into the wallet of that site. Now both parties share an agreement of work stated the work terms. If work is delivered by the freelancer on time to the employer then the payment is released to the freelancer and if not then it is refunded to the employer. This all can be possible through the set of rules that are stored into blockchains.

What is the use of Blockchain?

There are plenty of different uses of blockchains in different scenarios. Blockchains are the backbone of the digital world where transactions are necessary. To get the idea about the multiple usages of blockchains Read more.

How does a Blockchain Wallet Work?

The blockchain wallet or we can say cryptocurrency wallet is the digital wallet that is programmed to allow the user to buy or sell any product digitally. You can also monitor your balance using this wallet. Just like the pocket wallets that are traditional, the blockchain wallet doesn’t save cryptocurrencies. Rather than that it stores all the information about the transactions that you have made into the blockchains. To know more about the different types of blockchains wallets Read more.

Who is a Miner in Blockchain?

Mining is the process in blockchain system that enables the functionality to validate the new transactions and save them to the blockchains. To get the deep idea about the blockchain mining Read more.

Where is the Blockchain Stored?

Blockchains are basically decentralized. So the blackchains are not stored in a single place rather than that these are stored in the users' computers who are connected in the similar network that means every user will hold all the information of transactions that ever made. These users are called as nodes. To understand better about this topic Read more.

How Many GB is the Bitcoin Blockchain?

Blockchain Technology

via: api.blockchain.info

The size of Bitcoin blockchain is increasing day by day as it totally depends on the users and their data. Today the size of the blockchain reached around 172 GB. The matrices of the size of blockchain are shown above.

How many Blocks are in a Bitcoin?

As blocks tend to be produced once approximately every 10 minutes, there are 144 per day. At exactly that rate, 210000 blocks would need 1458 days or 3.99 years. That’s no coincidence, as the number was chosen so that a halving would happen every 4 years. You can check out the blocks mined today by Read more.

How big is the Blockchain or how big is the Blockchain file?

At the recent times, the blockchain reached over 20GB but the size of the one block is capped with 1MB.

What is the block size problem?

Although there is a problem with the size of the blocks in blockchain it is not a serious one, Let’s understand the phenomenon, just Read more.

How long does it take to mine a block?

Every block in blockchain takes 10 minutes to mine and at the similar way 144 blocks mined per day. It took around 4 years to mine 210,000 blocks.

Thus the blockchain technology benefits us many way and as the digital world increasing the blockchains gives us the digital security to our data and transactions. Keep in touch with us to get the latest updates about this topic.