Blockchain emerged in 2008, it was published by an anonymous known as Satoshi Nakamoto. A public ledger that sorts transactions into different blocks, each block is connected with one or another, using advanced calculations to back to the first transaction. All records are searchable and permanent, community members, can get easy access to all of their entries. It is not a company or an app it is a technology, which records information or you can say it is a new method of documenting data on the internet.
Traditional recording methods keep their information in one central point with the same data into different locations with different networks. Blockchain is doing things slightly different from others. It is using one program for all the systems. Either you have to transfer money to someone or there is an agreement between the two parties or you want to know your transactions. You may use platform storyagent to save your story scripts. Do keep in mind, once a piece of information is stored, nothing can alter that. Make sure to send money accurately, as it is not reversible.
Why named as Blockchain?
It stores data in packaged blocks and maintains a chain of linking similar information. That is the reason behind its name. It is the most reliable way of storing information.
How does it work?
So basically it is just a” chain” with “block” when we talk about these two words. It means we are talking about digital information. Here digital information is known as a block, and a public database is known as a chain.
The block consists of three parts
All the transactions and information like date, time are stored on the blockchain. A single block can reserve 1MB of data. Each block has given a unique name called a hash. It helps to differentiate one information from others. Even though there are plenty of transactions daily, but we can still find our current transactions with the help of unique codes.
Let us consider an example of your purchase on any website to purchase anything.
The first step is to make a transaction, then verify the transaction. You can only know that your purchase is confirmed when you receive the message from the company. Greenlight starts to blink if your transaction is accurate. Your transaction amount, your digital signature everything gets saved in the block. Then it must give your every transaction a unique code to identify the purchase. The public can view the block once it adds into the blockchain.
Is blockchain a secure network?
Everybody needs a trustworthy platform especially if it involves money. Undoubtedly, blockchain has the most reliable security anyone can have. There is always a pattern for every block, new blocks are saved, in linearly and chronological order. Look at the bitcoin blocks you will see that each, the segment has its position.
Millions of computers are using blockchain for transactions. Fewer chances of human error as there is no human involvement in the process which results in more accurate information. Every bank charges the customer for verifying the transaction, blockchain eradicates the requirement, to get verification of third party network.
Everyone knows that Satoshi Nakamoto is the founder of blockchain. The unique technology used in the blockchain is not a new one and had been around for many years. However, they have created, an innovative offering which is benefiting industries in many ways.