If you are the one who has been familiar with the banking, investment, and the financing sector, you might be familiar with a thing called a blockchain. There are many of the people who still have the question like What is blockchain? It is nothing else but the cryptography that is the recordkeeping technology behind the recordkeeping of the Bitcoin. There are plenty of sectors where the Bitcoins are used these days, and therefore, it is the right time to know about the blockchain.
The mere and general definition of the blockchain is that it is the decentralized, distributed, and public ledger. The blockchain is the set or chain of blocks, but it is not made with a traditional sense of those words. The name itself describes that it is about the digital data called blocks that are being kept or stored in the public database called chains.
Here are the parts of chains
When talk of the parts of the blockchain, there is three of them and is explained in the following points:
- The blocks in the blockchain are made to store the data and information like date, time, amount most recent purchases from a website.
- Blocks are basically made to store information about the transaction. The block as the storing medium for information records your name with the information about the transactions with the name of the company. The purchase information will have a unique digital signature that can be used your username.
- The information in the blocks is connected with the other block too. Each of the blocks has a name called the hash that makes it distinguished from every other block and makes it unique.
Moreover, the blockchain is the storing agent of the data and information behind the Bitcoin. After reading the above-given information, perhaps you will know about what is blockchain exactly.