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Simplified Explanation of What & How Blockchain Technology works



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#blockchain #cybersecurityAs I'm sure you're aware, attempting to figure out how the blockchain works is like trying to figure out how the universe works, it's perplexing! That is precisely why we will try and break it down to the most important parts. In this blockchain tutorial, we’ll learn the fundamentals of blockchain, as well as the benefits of its technology and how blockchain will change the way the world runs in the future. What exactly is a blockchain?
A blockchain can be thought of as a type of database, specifically a distributed database. The primary distinctions are the types of data it saves, how it stores it, who has access to it, and the fact that data on a blockchain cannot be changed or destroyed. It contains a variety of information, for example, information concerning the nature of the blockchain which maintains the Bitcoin transactions. How does it store the information? Bitcoin transactions are saved in "blocks," rather than in arbitrary folders as in a traditional database then, new transactions are collected together in these so-called blocks as they occur. These blocks can only hold a certain number of transactions before being chained onto the preceding block and added to the long chain of transactions (thus the term "blockchain"). From the first transaction in the first block to the final transaction in the most recent block, this provides a chronological history of transactions, similar to a ledger. The blockchain stores these blocks in a way that allows us to see a complete record of Bitcoin transactions.
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Cryptocurrencies
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