TECHNOLOGY


BLOCKCHAIN TECHNOLOGY

INFORCART | by sam


Purchasing cryptocurrency is a new investment opportunity


Purchasing cryptocurrency is a new investment opportunity for the people and its trending from the last few years. Once you have purchased the cryptocurrency, you store it in an online wallet as if it is a bank. You have complete control over money and you can send and receive from any corner of the world without extra fees. The main technology behind all the process is Blockchain.



WHAT IS BLOCKCHAIN?


Blockchain is a system of storing, sending and receiving digital assets or funds that no one except the owner can change or modify. It is a digital ledger that is distributed all over the computer network on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.





IMPORTANCE OF BLOCKCHAIN TECHNOLOGY


In this modern world, data and information is an extremely important asset of any company. Sending and receiving accurate information as early as possible is very necessary. To enable fast, shared, accurate, and transparent transfer of information is carried out through Blockchain technology. The data is stored in an immutable ledger that can only be accessed by the authorized person. People can track orders, payments, accounts, production and much more.


ELEMENTS OF BLOCKCHAIN TECHNOLOGY


There are 3 key elements of blockchain technology:

  • Distributed Ledger Technology

  • Immutable Records

  • Smart Contracts


HOW DOES BLOCKCHAIN WORKS?


The main goal of implementing blockchain is to provide a secure pathway to people who have trust issues and want to share their valuable data in more secure way.
Blockchain is comprised of 3 parts:

  • Blocks

  • Nodes

  • Miners


Blocks


In blockchain, each chain consist of multiple blocks and each block is further divided into 3 elements.

  • Data in the block

  • When a block is created a 32-bit whole number nonce is generated. It then generates hash.

  • Hash is a 256-bit number. It is extremely small number that starts with a huge number of zeros


Nodes


One of the most important concept in the blockchain technology is decentralization, which is achieved through nodes. Nodes can be any type of computer electronic device that keeps the copies of the blockchain in order to make the network functional.


Miners


In a blockchain, every block has its own unique nonce and hash. It also references the hash of the block in previous chain, so mining is difficult task. Miners make new blocks of the chain through a process called mining. When a block is successfully mined, the change is accepted by all of the nodes on the network and the miner is rewarded financially.


Cryptocurrency – The Best Use of Blockchain Technology!


One of the most famous application and use of blockchain technology is the rise of cryptocurrency. Cryptocurrencies are the digital currencies that can be used to buy goods. Bitcoin, ethereum, cake and Litecoin are the examples of cryptocurrencies. Unlike traditional method of transferring money, cryptocurrency works on the blockchain technology so as to make online transactions safe and secure.

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