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A Brief Introduction To Blockchain Technology



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Introduction to Block chain is essential to distribute the database, records, public ledger of all transaction, digital event that is shared among the participating parties. Each transaction in the public ledger is verified by consensus of a majority of the participants in the system. And, once entered, information can never be erased. The introduction to blockchain contains a certain and verifiable record of every single transaction. To use a basic analogy, it is easy to steal a cookie from a cookie jar, kept in a secluded place than stealing the cookie from a cookie jar kept in a marketplace, being observed by thousands of people. 

Introduction to Block chain is essential to distribute the database, records, public ledger of all transaction, digital event that is shared among the participating parties.

Introduction to blockchain technology

However, an introduction to blockchain technology itself a noncontroversial and has worked flawlessly over the years and being successfully being applied to both financial and nonfinancial world application. Last year, Marc Andreessen, the doyen of Silicon Valley’s capitalists, listed the introduction to blockchain technology that is distributed consensus models the most important invention since the Internet itself. The bitcoin blockchain software that allows digital currency to function that should be considered as invention like a stream or combustion engine that is potential to transfer the world of finance.

The current economy is based on the reliance on the certain trusted authority. Our all online transaction rely on the trusted that really trust them- then one is the email service provider that informs us that our mail is delivered to that person or not to deliver that person it can be done by the certain telling authority that us certain digital certificate trustworthy. But in a social network like a face any event and any memories that tell us that we can share with our friends. Now the banking tells us that our money is delivered to our dear once in a remote country. The fact is that we live our life precariously in the digital world by relying on a third entity for the security and privacy of our digital assets. The fact remains that these third-party sources can be hacked, manipulated or compromised.

Blockchain technology application

The blockchain technology is the one and most famous that is bitcoin there is the short history of the blockchain technology.

Bitcoin: A Peer-to-peer electronic cash system

In 2008 individual or a group writing under the name of Santoshi Nakamoto published a paper “Bitcoin: A Peer-to-peer Electronic cash system”  this paper is described that peer to peer version of the electronics that would allow transferring cash from one party to other without going through a financial institution. Bitcoin was the first realization of this concept. Now word cryptocurrencies are the label that is used to describe all networks and mediums of exchange that uses cryptography to secure transactions-as against those systems where the transactions are channeled through a centralized trusted entity.