What is Block-chain Technology and How does it work

If you've been hearing about blockchain and are wondering what it is, then this article is for you. We'll talk about how it works, where it came from, and the future of blockchain.

What is Blockchain?

Blockchain technology was made popular by Bitcoin, an online currency that people can send with little to no fees between any two people in the world. Underlying bitcoin's technology infrastructure is a technology called blockchain that we'll be talking about in this article.

Blockchain is a shared, distributed, decentralized database that creates an unchangeable record of transactions across a peer-to-peer network. (Source: Blockchain: AWS).

The blockchain stores information about every single transaction that ever took place since the beginning of the universe (well, technically it started at the creation of bitcoin in 2009). This makes every single transaction that ever took place since the beginning of time public information and searchable forever.

To see a list of transactions that have taken place since the beginning of bitcoin, you can type 'blockchain' into Google:

This is just a small taste of the blockchain. Every time a new block is created, it is added at the end of this database. New blocks are created about every 10 minutes and can contain up to 1500 records each. If you want to see more transactions on the blockchain, you can use a tool called "block explorer".

You can go to this link: https://blockchain.info/block-explorers/ and enter a transaction hash to see the details of that transaction. For example, if we enter 1c85f084e6de9e2cd4c0da8b03a60d30ff8f55c15bd0fab0eea23ed90963ba3, we get this:

This shows us every single transaction from the beginning of that address.

Comments

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December 28, 2021 at 2:22 PM

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