Blockchain Technology Simply Explained with Examples

Описание: Blockchain technology

It's a chain of blocks

It is an advanced database mechanism that allows transparent information sharing within a business network

That gives an open access to information to everyone in the network that mean it is disturbed or decentralized

Like in case of Facebook and what's app group, everyone in the group can see all the content in the group

Block is like a ledger which contains all the relevant information

A block contains three things

Data: all the information of the transaction, depends on the type, like who made the transaction to whom


Hash: it's the unique code that can not be copied like our finger prints

Hash of previous : the code of the previous blocks

These factors make the block secure as the information written can not be altered or if it's being change it can bhe detected easily

Bitcoin is the example of Blockchain technology implement in 2009

So block chain is the collected records (blocks) that are linked together ( chain) and are strongly resistant to alterations (distributed)

You will have a better knowledge of blockchain technology and its possible applications after seeing this video. So watch this video if you're interested in knowing more about blockchain technology!

#blockchain
#bitcoin
#hash
#ict
#artificialintelligence

The image is taken from freepik