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Blockchain Technology

Blockchain is a public ledger or a distributed database of all bitcoin transactions. It is a open source technology and anyone can access the details at anytime. The unique feature of the blockchain technology is that, the digital transactions and information are immutable. As it is a distributed ledger, there will be no control or central authority of records stored.<br><br>

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Blockchain Technology

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  1. BLOCKCHAIN TECHNOLOGY A Step By Step Guide www.bitdeal.net

  2. Blockchain Blockchain is a public ledger or a distributed database of all bitcoin transactions. It is a open source technology and anyone can access the details at anytime. The unique feature of the blockchain technology is that, the digital transactions and information are immutable. As it is a distributed ledger, there will be no control or central authority of records stored.

  3. Benefits of Blockchain It is open source. Decentralization process makes more accessibility with less attack to data forge. Easy data manipulation,(ie., storage and retrieve process of data).

  4. Blockchain -Bitcoin Anyone can mine his/her own bitcoin. But the bitcoin can be used for trading or exchange process only after getting a legal authority and registration from Blockchain. Thus , Blockchain is a collection of all bitcoin records as a ledger or database. In this technology, the records or transactions of bitcoins are stored into different blocks that are interconnected by chains that are encrypted. As it is encrypted and decentralized, there is no chance of hacking the records.

  5. WHY BLOCKCHAIN TECHNOLOGY? The main feature of blockchain technology is that it can be accessed by thousands of people at the same time. Blockchain is decentralized system. So it is impossible for hackers to hack because if he hacks one block, the other blocks will get alert. Hence it is safe. The most interesting feature of blockchain technology is, it is immutable. The connected nodes can see updates in block, but cannot be alter or change any information unless they get approval from the other connected nodes.

  6. Use Of Blockchain In Early Stage: In the beginning, blockchain is used as a bitcoin transaction data ledger. As this blockchain technology is introduced for the bitcoins. Thus, blockchain was only used as decentralized bitcoin ledger alone.

  7. Use Of Blockchain In recent Days: As days passes, people looks upon the Blockchain technologies development and its benefits. Huge data storage in some industries was a demands and easy storage of data in plenty on Blockchain became solution. This paid a way for the use of blockchain technologies in various industrial purposes like Healthcare management, Organizations,etc.

  8. What Is Blockchain Technology ? How It Works? To more information about Blockchain technology and its future scope,read :

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