Table of Contents
What is Blockchain
Blockchain can be described as a data structure that holds transactional records and while ensuring security, transparency, and decentralization.
Digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
Check-Out Video Explanation on Blockchain
What is Bitcoin
Bitcoin is a computer file which is stored in a ‘digital wallet’ app on a smartphone or computer. It is believed to be created by Satoshi Nakamoto & came into picture in 2009.
Bitcoin is a decentralized digital currency, without a central bank or single administrator
Understanding Transactions on Blockchain
Every transaction is attached with hash code which is unique and can not be altered. Mathematical solution that verifies the transaction is attached into the block which can not be changed by reverse engineering.
Various Blockchain Solutions
Following are the best solutions from Blockchain networks:
- No or negligible transaction fees
- Avoid Double payments
- Stable financial system
- Totally Hack proof
Blockchain and Bitcoins are getting popularity because of technical reasons discussed in the video . Stay tuned for many more articles on Blockchain technology & cryptocurrencies.
