Blockchain technology is a technology that is going to be used in many places in the future. Even today this technology is being used in many places.
Many people think that this blockchain technology is being used only in cryptocurrency transactions, but it is not at all because this technology is being used in the finance sector as well as the medical sector, education sector, banking sector, It is being done at other places.
Blockchain technology is not controlled by any government, that is, it does not come under the control of the government, due to which questions are often raised on this technology.
What is Blockchain Technology:
Blockchain technology is a kind of database. In the database, all types of information and data are stored in a table format.
Database is a type of file in which a lot of data is stored in a group and all types of data present in it are kept in a systematic manner so that all the data present in it can be easily managed and accessed.
This technology was first used after the launch of bitcoin in 2009.
Blockchain technology is called blockchain because it stores all the information and data in a group and this group itself is called a block.
How does Blockchain work?
Blockchain means that one block connects to another block, second to third block, and third to fourth block and so on, many blocks are connected together to form a chain and this is called blockchain.
This block is related to many data with another black joker. A very big chain is formed by blockchain which is created by cryptography which is completely secure.
Its meta data is stored in blocks, which are attached to every other block and it indicates to create a chain with the block and creates a chain and this is how the blockchain works.
Types of Blockchain :-
There are four types of blockchain –
- Public Blockchain
- Private Blockchain
- Hybrid Blockchain
- Sidechain
Advantages of Blockchain :-
Some of the advantages of Blockchain are as follows –
- Blockchain makes online identity and reputation decentralized.
- Blockchain solves the problem of manipulation.
- With its help, smart devices are helped to communicate with each other.
- With the help of blockchain technology, related things like freedom jurisdiction regulation are fixed in a correct and smooth manner.
- Blockchain protects us from middlemen so you can exchange assets easily and freely.
What is the technology behind blockchain technology?
If you also want to know about the technology behind Blockchain, then now we are going to tell you the names of some main technologies below. Which is as follows:-
- Program (The Blockchain’s Protocol)
- Private Key Cryptography
- P2P Network (Peer-2-Peer)
Disadvantage of Blockchain :
There are some disadvantages of blockchain technology, about which we have told you below-
- The working of Blockchain technology is very complex and it is very difficult for a common user to understand it.
- The power consumption in blockchain technology is very high, because thousands – millions of computers work on the data in real time.
- In blockchain technology, transactions take place with the help of all the computers connected to the network, the government has no role in it, hence there is a possibility of fraud