, 2022-05-14 03:04:13,
You might have heard of people discussing “blockchain” in one or two discussions regarding bitcoin or cryptocurrency, and wonder, “what is a blockchain?”
Blockchain is a distributed peer-to-peer network structure where data is recorded digitally and shared.
In other words, in blockchain technology, users have control over data as it is a decentralized system; compared to Web2 or the worldwide web where users are mere products and controlled by an authority.
Blockchain technology is a complex concept that might be hard to understand for some individuals, especially those who aren’t familiar with IT stuff. Sometimes people call blockchain and bitcoin the same, which is quite wrong.
Seeing how much potential and opportunities it holds, having basic knowledge about the blockchain industry is essential to keep up with the fast-paced world. So here’s everything you need to know about blockchain.
How is data stored in a blockchain?
One of the main aspects of blockchain technology is data storage. Blockchain comprises two terms, ‘block’ and ‘chain.’ ‘Block’ is where all the data is stored as a public ledger, and users within the network can easily access it.
Once a block is filled with enough data and a pre-condition is met, it is completely closed and almost impossible to change. Then, a new block is created and linked to the previous block, which forms a ‘chain’.
Therefore, a blockchain is a chain of blocks containing data. Blockchain is also known as Distributed Ledger Technology (DLT).
This technology is considered to be more transparent and democratic in terms of data storage and sharing. It uses certain features and tools to ensure that data is secure and accessible. Some of the tools you should be aware of are:
Nodes: Nodes are…
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