what is blockchain technology

What is blockchain technology

Blockchain technology allows data to be stored and exchanges on a peer-to-peer basis. This technology can be consulted shared and secured. This blockchain technology used in a decentralized manner and removes unwanted intermediaries. Blockchain technology created with the mixing of the two concepts. They are Asymmetrical cryptography and distributed IT architecture.

Asymmetrical cryptography allows a paired public and private key system. Asymmetrical cryptography enables users to effectively interacts with each other. Here the system is based on a public key and can be available to all.  And the data can be encrypted and sent to a third party. The third party access the encrypted data via a paired private key. The private key remains secret and acts as the password to a bank account and while public key resembles like a bank account number. you can also learn more in blockchain course

Distributed IT architecture:

Here the distributed system is in a series of independent computers and can communicate with each other. This blockchain network is a peer to peer distributed systems and information is shared among various users. We already discussed this technology operates in a decentralized manner. They can store all the information through two algorithms namely proof of work and proof of stake. They can certify information per block. Whenever a block is successfully validated, the block is correspondingly added to the blockchain and shared with a network. Every block is connected to each other, if suppose a user wishes to change the one block, the entire blockchain must be changed.

Advantages

The main advantage of blockchain technology is network security. This security can be established through asymmetrical and distributed cryptography. By using this technology it is possible to create a more powerful and most secure system and make all the online transactions simple and easier. You can also blog on what is blockchain and Learn more in a blockchain online course

 

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