Blockchain technology, Benefits of Blockchain technology, What is Crypto Currency, What is Bitcoin
Friends, today we will learn about Blockchain in this post, as you know, in today's digital age, the result of our transactions has become centralized and decentralized, now sitting at home, you can take goods from any website in the world and credit or You can also do transactions in minutes through debit cards, similarly you can also call blockchain international transaction service through which you can send and receive payments all over the world. Blockchain is a technology that helps in sending bitcoins from person to person, but now you must be thinking that to send money to each other, there are many options like bank and online payment through which you can send money. What is the need of this, so let us know what is this blockchain, how does it work etc. Many things :-
What are Blockchains?
A chain operated by a computer where information is stored in a simple way is called its blockchain and the hash of the first block is combined with the next block so that this information cannot be encrypted. Blockchain is a technology that helps one individual person to reach another individual. For example, for example, if a person has to send money to a person in another country, then a third trusted person is needed for that whether it is bank, western union or PayPal etc. And this whole process also takes a few days. And it also takes money but if we with the help of blockchain technology any person can send money directly to anyone across the world and it takes only few minutes and transaction fee is also very less according to other bank . Blockchain was first invented in 2008 by Satoshi Nakamoto to serve bitcoin. Blockchain is a technology through which no bank or middleman is required to send money to any part of the world. Initially blockchain was started for bitcoin but now many coins have also come for blockchain technology.
What is Centralized?
All the information in it comes from different sources and is stored in one place and it depends on that source that how much information they want to give in the market, how much or not and they can change this information and the people giving this information. Have to give reward, it will also do the same work of giving rewards, for example, all our banks are controlled by a central system and that central system is Reserve Bank of India and it monitors all Indian banks that all Whether the work is done correctly on time or not, it takes reports every month and gives instructions, this system is called centralized system.
What is Decentralized Peer to Peer System?
Decentralized systems are the exact opposite of centralized systems. There is no central body in this, all the people who work are connected with each other and in this, even if one person stops working, it does not stop any work.
How does Blockchain work?
Blockchain consists of different blocks which are interconnected with each other and inside these boxes our data is stored and it secures the data in such a way that no one can change or delete it. And when we store data inside the block, the block generates a hash key and with the help of this you can check your data anytime. This hash is made up of alphabet, numeric and symbol. Blockchain is based on P2P network i.e. no middleman is required for any type of transaction in it. It is an open ledger i.e. a register in which we keep all our things in writing, like banks keep the data of their transactions by noting them in the ledger, similarly it is also a ledger and it is an open ledger which are public. That is, whoever is on the blockchain can see it. All the people living in its network know who is sending money to whom and how much money is being sent and everyone in this network can decide whether this transaction is valid or not. Blockchain was first used in 2008 for the invention of the bitcoin currency. Bitcoin is a decentralized cryptocurrency that is not owned by any country or bank. Now slowly research is being done to use it in government and public sector.
Block chain technology is used for?
Blockchain technology is being used for most cryptocurrencies in today's time. It was invented to make the transaction of cryptocurrency transparent and secure. All the cryptocurrencies that are present in the market today work on the basis of Blockchain technology for example when we buy any bitcoin or cryptocurrency etc.
They are automatically secured by going into the box of the lockchain.
How secure are blockchains?
Blockchain technology is to a large extent responsible for security and trust issues. Whenever any data is stored in a block of blockchain technology, it resides in thousands of computers instead of being stored in one computer or one server, so it is difficult to hack the blockchain. And even if someone wants to hack, he has to hack thousands of computers at the same time which is impossible and because of this unique technology, Blockchain technology itself is a very secure technology.
How can blockchain technology be used in the future?
Blockchain technology can be used in future due to its security in all places, it can be used in banking sector, can be used in medical, management etc. Where many frauds are happening in today's time, data is stolen easily by stealing anyone's ID.
How to create account in Blockchain?
To create an account in Blockchain, first you have to go to its website blockchain.com.
After the website is opened, you have to first click on create wallet.
After this you will see 2 options, out of which you have to click on the first option Create a bitcoin.
Then a page will open in front of you, in which you will have to enter your Gmail ID and password and allow terms and conditions and click on create my wallet. Keep in mind that if you forget your password, you cannot reset it. For this there is a backup phrase which you have to keep safe and it is of 12 digits.
After the account is created, you will be logged in automatically, after which a mail will come in your Gmail, by clicking on which you will have to verify your account.
If you want to make any changes related to your account, then you can change it by clicking on the security setting.
After this, after clicking on continue, your wallet ID will be generated.
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