Blockchain is a type of distributed ledger technology (DLT) that stores data across a network of computers in a way that makes it difficult or impossible to change, hack, or cheat the system.
It works by grouping data into “blocks” and linking these blocks together in a chronological “chain.” Once a block is filled with data, it’s sealed and added to the chain permanently. This structure ensures transparency, security, and immutability, which is why blockchain is widely used in areas that require trust without central control.
Table of contents
- How Blockchain Came Into Existence
- Understanding Blockchain Technology
- Decentralization
- Transparency
- Immutability
- Security
- Components in a Blockchain
- Significance of the Hashing System
- How Does the Blockchain Work?
- Initiating Transaction
- Sharing to Network
- Validating Transaction
- Creating a Block
- Connecting Blocks
- Completion of Transaction
- Types of Blockchain
- Public Blockchain
- Private Blockchain
- Hybrid Blockchain
- Benefits of Blockchain
- Challenges in Blockchain
- Conclusion
How Blockchain Came Into Existence
The concept of blockchain came into existence in 2008 after Satoshi Nakamoto published the Bitcoin Whitepaper. A pseudonymous name of …
The post What is Blockchain? Everything You Need to Know Explained appeared first on Coin Edition.
Source: https://coinedition.com/what-is-blockchain-everything-you-need-to-know/