Blockchain has gained loads of admiration lately, and the technology is one of the most researched innovations being a new development in fintech. The reason behind this is that blockchain is not owned by a single entity, and the data is cryptographically stored inside. In addition, the blockchain is immutable and transparent.
Originally, blockchain technology was developed for bitcoin. Today, the technology is the base of other cryptocurrencies and can be used for any kind of data recording. A blockchain is a growing list of records called blocks, which are linked using cryptography. Each of the blocks contain a cryptographic hash of the preceding block, transaction data, and a timestamp. The blocks may contain information about dates, identity etc.
When two users take part in a bitcoin transaction, information on the transaction gets broadcast from their folder to other users in the network. The information is digitally time-stamped and signed, so it is clear how much money it was, who sent the money, who received it, and when. Once the transaction is checked and confirmed, the users update and store their own copy of the blockchain to include the new data.
This data gets packed into a block together with data from other transactions that are made at the same time. One block is about 1 megabyte bundle of chronologically ordered information on transactions. The blocks will be connected to create and form the blockchain.
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