Blockchain technology is the essential platform for every cryptocurrency, and without this platform, bitcoin is nothing. Blockchain is made with different blocks, and this is only the platform that is very secure for bitcoin and other cryptocurrencies that use blockchain technology. So, in this article, we will discuss how the bitcoin blockchain works and what are the benefits of using the bitcoin blockchain. So without wasting time, let’s get started.
What is blockchain technology?
Blockchain is a decentralized system that is very popular and introduces in 1991. Blockchain is also called the public ledger because it shows all the transactions on the bitcoin platform.
Blockchain technology plays an important role in bitcoin transactions because all the transactions will be displayed on a blockchain platform. It is a combination of different blocks of bitcoin transactions.
A Public ledger
A public ledger means that all the transactions will display on the official website of the blockchain. You can check oschain.io is blog about blockchain. It is a website that where you can see all the bitcoin transactions. You can see the bitcoin wallet address of the sender and a receiver even you can also see the transactions amount. That is, blockchain is also called a Public ledger because all the transactions or data are visible to the public that means everyone can see any previous or recent transactions. It is also called a proof system that means after sending the bitcoin to someone, you can tell them proof of a recent blockchain transaction, and it is the biggest advantage of blockchain technology.
World’s strongest technology
Blockchain is the world’s strongest technology because no one can hack this technology, even a notorious hacker. The reason it’s impossible to hack security because it is decentralized, which means there is no central point of failure. In simple words, no single person is working behind the blockchain; however, there are multiple people with different nodes working. If one node is hacked or failed, it will not affect the working of the entire blockchain and bitcoin. So no one can stop the bitcoin and blockchain.
How it works
In simple, blockchain is a decentralized system that means many people are working on it at their home, and the hacker can hack one computer, two computers, three computers or ten computers. Still, there is no effect on the blockchain and bitcoin transactions because many more minors are working on this platform. So government and any third party cannot stop it out because they can restrict some computer in a city, state or country, but they cannot restrict the other nodes outside the country. So there is not any central point of failure, and it makes it the world’s strongest and secure platform that cannot be hacked.
To hack a blockchain means you are trying to hack the internet. If you can hack the internet, you can also hack the blockchain, and from this, you can think about security.
Blockchain technology is working on complex algorithms, and it is very hard to solve. Some people called minors to control the blockchain from their node, called computers or mechanical devices like computers. When you send a bitcoin to the wallet of someone else’s, then the transactions will be stored in different blocks, and blocks are working on complex mathematical equations. So these equations are solved by the experts in mathematics and programming languages, called minors. They validate the transactions, and after the proper validation, the transaction will be displayed on the blockchain.
The minors are the real heroes working behind it, and the bitcoin or money rewards them after validating the bitcoin transaction.
Rewarding system
Every year new bitcoins are produced because these minors are solved complex mathematical equations, and they are rewarded as bitcoin for their work. Some other minors are validating the bitcoin transactions blocks, and there are also rewarded as bitcoin. So blockchain is also an income source for the unemployed, and they are earning money by solving the equations; check CFD-Trader to see the income opportunities.
Conclusion
From the above information, we have learned that what is blockchain technology. Blockchain is a public ledger where all the transactions are displayed after successful validation, and the persons who validate these blocks called minors. Blockchain technology is a very powerful technology with strong security, and the good thing is that there is no central point of failure because it is decentralized.
