What is blockchain technology? Bitcoin has been in the headlines for a long time. There is a lot of hope among people about Bitcoin. This was happening because the price of Bitcoin is increasing day by day.
That is why we are going to tell you in this post that What is blockchain technology?
Blockchain technology is going to change our IT industry that way. Like open-source software. And just as Linux has been the core of modern application development for almost a decade.
Just like that, Blockchain is also going to become the very best information sharing tool in the coming time and which will be lower cost and easily open and private networks.
There was a lot of hype generated among people about Blockchain Technology. Because they felt that it could completely change the technology of our future.
This is true to a large extent, but by saying such a thing will not be understood, rather we have to understand Blockchain Technology, to think about different aspects of it.
This technology is going to change the whole world in the future. So in today’s post, we are going to tell you what is blockchain technology
What is blockchain technology?
Blockchain is a digital ledger . Ledger is a book that keeps such an account. Where debits and credits transactions are posted from the book where the original entry is. And also say that entries from the original book are updated in this ledger.
We can also say that an blockchain is digitized, decentralized, public ledger .
Technology Behind Blockchain Technology
The main technologies behind Blockchain are given below.
These are three technologies.
1. Private Key Cryptography
2. P2P Network (Peer-2-Peer)
3. Program (the blockchain’s protocol)
Real-life Applications Blockchain Technology
Now you must have understood the basic concept of this technology, so let’s know now.
1. Follow My Vote: It wants to change the way we vote and become the first open-source online voting solution in the world.
2. Arcade City: – This is a true decentralized ridesharing service. Which is also called ‘Uber killer’.
3. ShoCard: – This stores your identity. So that you can have easy verification in Bitcoin’s blockchain.
4. Symbiont: – It provides better smart securities in Blockchain.
5. Bitnation: This is a “Governance 2.0” initiative that seeks to establish DoItYourself governance by working with a collaborative platform.
6. ChainLink: It uses blockchain technology to verify and validate authenticity and title of real-world items.
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