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What is Blockchain technology and how does it work?

 


As the word suggests Blockchain is a chain which is made up of blocks that contain information. The term was originally used in 1991 by a group of researchers which originated to timestamp digital documents like a notary. However, it was not in use till the time Satoshi Nakamoto used it when he came up with the idea of Bitcoin in 2009. 


All the latest technology articles were bombarded with the amazing features that this technology has to offer. The speciality of blockchain is when a data is recorded in the blocks it could be seen by the holders of other blocks. Any transaction that has been recorded in the blockchain is never deleted. 


Every block has 3 important elements- Data, Hash, and the hash of the previous data. The data comprises majorly three information: the receiver, the sender, and the amount of the transaction. Once a block is created it is almost impossible to mold the data stored because of the hash. A hash is unique for all the block owners just like a fingerprint. This technology as per the latest technology news stores the data of the block and the information of the previous blocks. 



Cryptoknowmics

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