Blockchain was basically created to develop a new digital currency called bitcoin. It is an advanced technology and there are fair chances that this technology will keep growing in the coming time as well.
This is the reason why many companies are using this technology. If you also want to know about Blockchain technology, then visit New Digital Noise. Call today and gain thorough knowledge about this technology.
How Blockchain Technology Work:
A block-chain is an electronic, secure, public, distributed, and a list of links notes, called blocks, are used to make books and permanent record of transactions:
- Each transaction between two parties
- Each transaction record common identifier or key from both sides with a timestamp in the block
- A block contains many transactions
- Each block is connected using a cryptographic hash to the previous and next record so as to form a chain.
- A set of blocks chained together to form a large book
- Each copy of the finished book that contains all the blocks in the chain so that it contains all transactions are recorded.
- Copies of this book are distributed among the owners
- To change the recorded transaction, all of the “owner” of a copy of the ledger must consent.
The use of blockchain technology helps reduce financial risks because electronic documentation can be tracked easily. In addition, cutting the need for a third-person verification system. Browse online resources to know more about this growing technology.