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‘Digital currency’ is all the rage these days. Not just tech geeks, even financial institutions are equally curious to explore it. And there’s a reason why cryptocurrency has sparked such intrigue — due to its remarkable features. You get monetary transactions in a fully automated and safe way, without the involvement of a bank or any third party. No money watcher, so no transaction fee!
But how? What is behind the wheel?
The answer is blockchain technology.
What is Blockchain Technology?
Invented in 2008 by Satoshi Nakamoto, blockchain technology is also referred to as Distributed Ledger Technology (DLT). It facilitates peer-to-peer transactions, maintains a shared list of records, and tracks assets without a central clearing authority.
Blockchain technology can help in embedding essential documents, contracts, or activities in digital code. Such embedded information cannot be tampered with or deleted as it is transparent, and everyone involved is accountable for every action. It will be stored in a shared database having a digital record and immutable cryptographic signature that could be identified, authenticated, stored, and shared.
Blockchain technology is a type of database which is decentralized and is managed by many participants. For the uninitiated, a database is a collection of electronically stored information. All blockchains are databases, but the reverse is not true. The primary difference between a traditional database and blockchain technology is its structure and how it stores the data.
In the database, data is structured in tabular format for easy search and filter of information. As the name suggests, in blockchain technology, the data is collected into groups (blocks). These blocks are filled up to their storage capacity and then joined (chain) onto the previously filled blocks, forming a ‘blockchain’. Likewise, all the new information or data that follows is added to the new block. Once loaded, this new block is joined to the sequential chain. Once a block is added to the chain, it is given a timestamp and becomes a part of the data’s irreversible timeline.
Basics of blockchain
Let us explore the three basic concepts of blockchain technology: blocks, nodes, and miners, for a deeper understanding.
- Blocks - Blocks are the components of the chain which store data in blockchain technology. As a block is created, nounce (a 32-bit whole number) generates a cryptographic hash (a 256-bit number). Unless mined, blocks are tied to this nounce and hash.
- Nodes - In this decentralized technology, nodes are electronic devices that keep copies of the blockchain. As no one organization or computer owns a chain, the distributed ledger is connected with nodes. A specific alphanumeric identification number is provided to each participant. Due to the technology’s transparent nature, the identification number reflects and records every action.
- Miners - Miners create new blocks on the blockchain through a process called mining. To add a block to the chain, miners find a nounce that generates an accepted hash using various software. As each block has its own nounce and hash, along with the previous block’s hash, the block’s alteration isn’t easy. Block manipulation is a complex process as it requires re-mining of all the blocks that follow and is, thus, a safety feature. After successfully mining the block, the change is accepted by all the nodes of the network.
Top 10 Blockchain Technology Templates To Download
Blockchain technology can revolutionize industries in many ways. We have curated the top 10 blockchain technology templates to understand this technology and take advantage of these to implement in your organization. These pre-designed templates are all you need to stay ahead and harness the untapped potential of blockchain technology.
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Blockchain is an open-source technology that is transparent and immutable, with a classic example of cryptocurrency like Bitcoin. Download these professionally-designed templates to educate and implement blockchain technology in your company. Pick the most suited blockchain technology template and customize it according to your business needs.