What is Blockchain explain with the help of example?

What is blockchain explain with example?

A Blockchain is a chain of blocks which contain information. The data which is stored inside a block depends on the type of blockchain. For Example, A Bitcoin Block contains information about the Sender, Receiver, number of bitcoins to be transferred. Bitcoin Block.

What is a blockchain answer?

A Blockchain is a constantly growing ledger(file) that keeps a permanent record of all the transactions that have taken place, in a secure, chronological, and immutable way. It can be used for the secure transfer of money, property, contracts, etc. without requiring a third-party intermediary like bank or government.

How blockchain works simple explanation?

The term blockchain also refers to how the data is stored in ”blocks” of information and then linked together in a permanent “chain.” When a new block is added to the chain, it makes the previous blocks even harder to modify, which helps each block become more and more secure over time.

What is true blockchain?

The technology at the heart of bitcoin and other virtual currencies, blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The ledger itself can also be programmed to trigger transactions automatically.

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How many Blockchains are there?

Blockchain technology is open source, meaning any software developer can use the original source code and create something new with it. Developers have done just that. There are estimated to be more than 4,500 different cryptocurrencies in circulation as of this writing, and the figure keeps increasing.

What statement is true about blockchain?

Blockchain guarantees the accuracy of the data. Blockchain enables users to verify that data tampering has not occurred. Blockchain always requires a central authority as an intermediary. Blockchain encourages trust among all peers.

Why is it called blockchain?

Why is it Called “Blockchain”? Blockchain owes its name to how it works and the manner in which it stores data, namely that the information is packaged into blocks, which link to form a chain with other blocks of similar information. … Recorded: stored information is time-stamped.

How do you explain blockchain in plain English?

Blockchain: The War of Definitions

A blockchain consists of a number of blocks, hence the term. Each block is a record of transactions of specific data, which can contain anything from Cryptos to voting records to medical data.

How does Blockchain technology help Organisations when sharing data?

Answer: Blockchain introduces a distributed ledger that can be shared across networked devices. Individuals on the network can share files and values such as cryptocurrencies securely, on a peer-to-peer basis without the need for middlemen.

How do you explain blockchain to a 5 year old?

Blockchain is basically a network of computers called nodes which all have same history of transactions. So instead of one company or a database which holds all the information, now the information is spread across whole of the network.

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