Blockchain Technology
Blockchain What is Blockchain Technology? How does it Work? Blockchain Technology Defined Blockchain technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. By inherent design, the data on a blockchain is unable to be modified, which makes it a legitimate disruptor for industries like payments, cybersecurity, and healthcare. In simpler words, the digital ledger is like a Google spreadsheet shared among numerous computers in a network, in which, the transactional records are stored based on actual purchases. The fascinating angle is that anybody can see the data, but they can’t corrupt it. How Does Blockchain Work? Blockchain consists of three important concepts: blocks, nodes, and miners. Blocks : Every chain consists of multiple blocks and each block has three basic elements: The data in the Block A 32-bit whole number called a nonce. The nonce is randomly generated when a block is