What are the Features Fundamentals of Block Chain?
Block chain is the list of records called blocks, it can store data publicly and in chronological order. The data is encrypted using cryptography to assure that the privacy of the user is not agreed upon and data cannot be altered. Information on a Block chain network is not controlled by a centralized authority in modern financial institutions.
The participants of the network maintain the data, and they hold the democratic authority to approve any transaction which can happen on a Block chain network. Therefore, a typical Block chain network is a public Block chain.
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Features of Block chain
These are the four characteristics of Block chain which we are going to talk about in detail:
- We have a public shared ledger, it works using hashing encryption.
- Every block has a hash value, It is the digital name of the block.
- All the transactions are confirmed and verified on the Block chain network using the proof-of-work agreement algorithm.
- The Block chain network can use the support of the miners to validate the transactions for rewards.
Fundamentals of Block Chain
Public Distributed Ledgers
- A blockchain is a decentralized public shared ledger, which is applied to record transactions over many computers.
- A distributed record is a database that is distributed among the users of the blockchain network.
- The transaction is accessed and supported by users affiliated with the bitcoin network, thereby making it less likely to cyber attack.
·Blockchain eliminates unauthorized way by applying the cryptographic algorithm to secure the sections are held tight.
·Each user in the blockchain has their key
Proof of Work
proof of work is a method that validates transactions in a blockchain system by explaining a complex analytical puzzle called mining. The Users who are trying to solve the puzzle are called miners.
When the miners use their resources [time, money, electricity, etc...]. To validate the new transaction and record them on the public ledger, they are given a reward.
Note: As a reward, the miner gets 12.5 BTC [bitcoins]
In this article, we discussed the feature and the fundamentals of Blockchain Technology. A blockchain is a digital ledger of transactions that is replicated and scattered over the entire network of computer systems on the blockchain. Are you looking for Blockchain Training in Chennai? Join Blockchain Courses in Chennai at FITA Academy and learn more about BlockChain Technology.