What is blockchain?
Blockchain is a technology in which blocks i.e. digital information is stored in public database. Blocks are made up of digital portion of information. Each block holds a cryptographic hash of the preceding block, transaction data and a timestamp.
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According to exchange blockchain, Blocks has three parts, which are as follows;
- Block stock up information about your transactions in date, time, and amount. It stores your current dealings for example; your resent purchase from Flipkart.
- A block contains information about participants participating in transactions. For example; if you are purchasing from flipkart than it will record your user name (digital signature) instead of your actual name.
- Blocks stock up unique information of every transaction, for example: after purchasing from flipkart , if you decide to repurchase than your product identity will be similar to each other but block will store it in unique codes.
How blockchain works?
According to blockchain exchange Blocks are strung together. There are 4 ways, discussed below, which helps to add a new block in a block chain.
- Let’s continue with the example of flipkart. while purchasing you go through multiple prompts and finally make your purchase
- In blockchain thousands of computer network work together, when you make your purchase that network rushes to make your transaction’s time, amount, no of participants.
- After checking accuracy of information finally, it gets a green signal
- Once you get a green signal, it is essential to give hash (unique identifying codes) to blocks. Once it hashed block gets added to blockchain.
Get technical assistance
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