Blockchain Technology and how blockchain technology work

  • Current development of blockchain technology.
  • facebook has launched its own Cryptocurrency named as “libra”.
  • Telangana Government has declared its Hyderabad District as Block chain District.
  • Coffee board of India has developed blockchain based e-market place
  •  to connect coffee growers directly with the buyers.
  • Concept of Blockchain Technology and Bitcoin
  • It was given by SATOSHI NAKAMOTO.
  • Basically it is still myth and unidenifed name.
  • Satoshi Nakamoto is unknown person had given the concept of bItcoin.
  • I am describing first bitcoin then comes on Blockchain Techonolgy.
  • Bitcoin is based on the concept of  number of bit in the computing system.
  • Since there are only 2^218 Bits.
  • Each bit is considered as Bitcoin.
  • Since bitcoin is exist in virtual form therefore It can not be created can not be destroyed.
  • The transformation of bitcoin through blockchain therefor each and every transaction is     listed in it.
  • Blockchainhas demand and supply formula integrated in it therefore it is used to decide       the value of bitcoin in terms of dollar based on demand and supply.
  • Blockchain is very is very safe technology.
  • It is impossible to  hack it.
  • Some countries banned it because some people misuse for making
  • Drug transaction through it.

Smaller version of Bitcoin is launched called satoshi and
1 SATOSHI = 0.00000001BITCOIN

  • Blockchian technology is based on peer to peer Network where each and every block is directly connected to all other blocks.
  • Therefore it is a decentralized system unlike internet. As for example we do transaction on paytm then we pay to the paytm
  •  company then paytm do as a centralized centrelised system and the approve the transition and then send to the seller
  • account the seller receive his money after long time becuased it is centeralised system.
  •  But incase of blockchain there is no central body to regulate it.
  • Beacaus peer to peer connection directly seller connected to all buyers and also with all member of this chain.
  • Blockchain is unhackable it require infinite hashpower that cannot be achieved practicaly 

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Prakash Roy

Prakash Roy, the founder of I have completed B Tech in-stream Electrical & Electronic Engineering. I love to share my knowledge and Creativity.....

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