The most incredible and mind-blowing digital technology is known as Block Chain which blows almost everyone’s mind in just a few years.
The blockchain technology is defined as “a financial ledger entry or keeping and maintaining some record of transactions.”
It is basically used to structure the creation of transparent and permanent ledger financial transactions. Blockchain technology is as strong that each transaction has its own record and every transaction is signed its own authenticity and no one can make any fraud in it. This means that the blockchain technology has made up with full standard integrity rules.
How Blockchain technology is performed?
You must be curious that how Blockchain technology has performed it’s working.
Here is a completely understandable answer to this question. Whenever a new transaction is performed or an individual creates a modification to an existing transaction, the blockchain implementation then gets ready to execute the algorithm embedded in it to verify and evaluate the previous record of an individual.
The record of an individual is placed among a blockchain block.
When the block alarms that the previous record is valid then a new transaction block is created and added to the blockchain block of the transaction. If the information is not valid, then the request will be denied and no new block will be added to the chain of transactions.
Benefits of Block Chain Technology
Blockchain technology is somehow attractive and has many different advantages with consequences of reasons, it includes the following:
- The digital signatures help you to protect your transactions record and your signature is very protective and tough that nobody can make any kind of fraud to it.
- The concept of Blockchain technology is working very excellently that everyone can keep the record of their transactions that how it is added to supply chains of a block.
The biggest drawback of Blockchain technology is that it is hard to apply just because of typical open source projects. The concept of Bitcoin, Litecoin and Ethereum are using the blockchain technology and will become more and more popular day by day. It is expected that this algorithm will be commonly used by the great transactions systems to improve the purpose of the online transaction.