Everything you need to know about blockchain​

Blockchain is shaping our new world, how and why are block chain. So, important to know in 2022. How does block chain work?

What is Block Chain?

Block Chain is a system recording information like transactions in a way which makes it almost impossible to hack or cheat the system.
It is essentially a digital ledger of transactions in which transactions are duplicated and distributed across entire network in the form of block.
Each block contains a number of transactions and everytime a new transaction occurs on the blockchain a record of that transaction is added to every participant’s ledger, Blockchain follows DLT.

What is DLT?

The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT).
Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.
This means that if a block in the chain is changed, it is obvious that it has been tampered with. If hackers want to compromise the blockchain system, they will have to change every block in the chain across all distributed versions of the chain. Blockchains like Bitcoin and Ethereum continue to grow as blocks are added, greatly increasing the security of the ledger.

Why it is so famous?

This method is becoming super famous due to it's security of unhackable and anonymous, A user cam easily transfer funds anonymously also as it is designed with Distributed Ledger Technology (DLT) nobody can change or remove it unlike SQL database in which somebody is incharge on the database called admins can add, change or remove anything due to the reason it is most preferred nowadays.