What is Blockchain?

Today, we will discuss the block Chain and let’s readily discuss this so that all the techies and the non-techies can easily understand.
Blockchain is a database or Chain of Blocks that save data. Every System or every Block in the Chain Share the same data. When a new system (Someone) adds in the chain being a block, it is added in the same chain of blocks. In the easiest words, we can say that blockchain technology is like Google docs. Let’s say we made a google sheet and put some data in it and the sheet is shared among many people in the team. Whenever there is a change that is not on some specific person’s system, data goes to everyone. Similarly, In BlockChain the data is not limited to one block, it is saved on all the blocks. Blockchain is a type of distributed ledger, a decentralized ledger system that saves data on all computers of the system. No one can hack it because he will have to hack all the computers of the chain. Blockchain technology is the base of digital cryptocurrency.

What is the Fault with the Current Banking System?

In the banking system, there is always a chance of hacking and fraud. We have a lot of reported cases. The Scammers and the thieves just fit a camera with the Atm machine and steal all the data of the cards. Only in 2019, in Europe, fraud of up to 250 million euros has been reported Europe. So, there is a huge chance of scam and fraud.

Why is Block Technology made?

In the New Era of Technology, Everything is being digitalized, so everyone was thinking why not a digital currency?

So, we need a digital currency system that could not be hacked. Many attempts to develop a digital currency was made but security was the main reason that failed them. The Other reason was, what is the proof the one who make the currency, will not give himself a number of billions of that currency?
Here is the answer to all questions. Blockchain is a technology that shares the same data and information with all the Blocks of the system. If someone tries to hack the system, he will have to change the value on all the blocks of the chain at a time which is not possible.

Who made the Blockchain?

No one knows who made the Blockchain Technology but the people (one or many) who made the Blockchain use the name Satoshi as their name.

Conclusion:

Blockchain is the technology on which digital currency is based and it is really a safe technology. No one can hack it because it is a decentralized database. There is not any chance of scam or fraud in the blockchain technology system due to its secure and decentralized algorithm.

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