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What is Block chain Technology ?

What is Block chain Technology?

 

The block chain is an undeniably significant technology that has been deployed to support the decentralization of digital information. While there are no concrete answers yet, it's likely that this technology will change how we view both business and society in the future. Nodes can verify the authenticity of each transaction, and blocks are created every 10 minutes. Bitcoin, Lite coin, Ethereal, Dash and Ripple are some of the most well-known cryptocurrencies based on block chain technology. How does block chain work? Block chain technology functions as a distributed ledger that uses cryptography to record and verify transactions without the need of a central authority. The system automatically verifies and records each transaction that is added to the block chain network and provides an unalterable record of transactions (the digital “chain”). Each block in the chain contains an encrypted hash pointer to the previous block, with each block referencing the one before it so that all subsequent blocks can be verified as legitimate by anyone. This reference data makes it virtually impossible for anyone to modify or remove any data from the block chain once it has been recorded.

 

The concept behind block chain is quite simple – every transaction ever made can be programmed into the system and read by everyone on How the block chain work and what does is the difference between a public block chain and private block chain? A public block chain is a distributed database that allows anyone with an internet connection to view the contents. Anyone can add new blocks to the chain, and they are verified by network nodes. That makes it difficult for anyone to tamper .

A private block chain is a distributed database that is shared among a limited number of participants. Transactions are verified by the participants themselves, so it’s easier for people to alter the data. Private block chains are often used for more sensitive information, such as financial transactions.

What is a Private Block Chain?

A private block chain (or distributed database) is essentially a shared ledger or record of transactions. It is created by an organization, and all participants must agree on the data before it can become part of the chain. The block chain’s implementation will vary according to each organization, but there are common features in most cases. A private block chain will typically start with a single user (called the genesis block), and then additional users join over time. Anyone can join a private chain at any time, as long as they meet the requirements for each network. This allows organizations to make their own rules about who can participate.

 

What are some real world uses of the block chain?

Block chain technology has been around for a few years, but it has only recently garnered attention as a potential solution to a number of real-world problems. Here are five examples:

 

  1. Fraud prevention: The block chain is an open, distributed ledger that can be used to track the ownership and movement of assets. This makes it an ideal solution for preventing fraud, since it can prevent people from stealing or manipulating valuable assets.
  2. Supply chain management: The block chain can be used to track the movement of goods throughout the supply chain. This allows businesses to ensure that products are delivered on time and in accordance with specifications, without the need for middlemen.
  3. Identity management: The block chain can be used to verify the identities of people who want to access certain services or products. This eliminates the risk of identity theft and fraud, and it can also help businesses manage their customer data more securely.
  4. Voting systems: The block chain could be used to create secure voting systems that are resistant to manipulation. This could be particularly useful in countries where voting is considered a critical part of democracy.
  5. Smart contracts: Smart contracts are contracts that are automatically executed when specific conditions are met. They can be used to increase efficiency and transparency in a variety of industries, including finance, supply chains, retail sales, and intellectual property.
  6. Token sales: A number of projects are using the block chain to create new kinds of tokens that can be used within their network. These tokens can represent different types of ownership rights or other assets that form part of the network’s ecosystem.
  7. Public records: The block chain could also be used to store public records like birth certificates and marriage licenses. This would allow people to prove their identities while establishing their whereabouts at any given time.
  8. Identity management: The block chain could also be used to verify the identities of people who want to access certain services or products. This eliminates the risk of identity theft and fraud

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