Blockchain is a technology that can store information and data on a decentralised basis. Decentralisation means that no centralised authority is going to treat these things as a mediator.
Example: RBI(Reserve Bank of India) RBI has printed our ₹ 2000 notes. Reserve Bank of India guarantees that it is worth ₹2000. This is written on this note that this is a guarantee from the Reserve Bank of India. Reserve Bank of India is a central authority Of Indian rupees the RBI can reproduce notes and swap their value.
But on the flip side, bitcoin is a decentralized currency there is no central authority controlling bitcoin. and That’s because Bitcoin is based upon blockchain and blockchain is a technology that makes Bitcoin decentralized. Now, there may be several ways in which information can be stored. You write something down, it’s how to store the information or you open the computer. and type the data into an Excel spreadsheet. It is also a way to store the data in excel format, our data structure is in table and row format. Blockchain is structured similarly to it in the form of blocks.
The block consists of three main elements:-
1.Data: Whatever data information you insert into the blocks.
2.Hash: Each block has its fingerprint, which we call Hash, which is a way of uniquely identifying itself from the remainder of the blocks.
3.Mince previous blocks: Store fingerprints from previous blocks.
All the blocks are connected, the most important thing is that if you try to edit the data into the blocks, or try to tamper with the data while the blocks are going to change the fingerprints if a block hash value has changed then its following blocks will change the hash. And the whole blockchain will be bolted up here. Therefore, it is nearly impossible to modify the data of a blockchain. Because once a block is defined as part of the blockchain, it cannot be changed in the future.
The second big blockchain cause is safe decentralization: you will not find a blockchain stored on a computer. The blockchain is stored on a computerized network. Every computer in the world owned by blockchain participants shall have a copy of the blockchain instead of a central authority, it shall be managed and managed by a network of computers collectively. Minors & Nodes:
People who are connected to the blockchain through their computers and those who allow the blockchain to operate on their computers are called nodes. Some of those known to us are minors. Whenever new information is added to the blockchain, it is the responsibility of the minors to verify it. Whether the individual adding the data does so correctly or not. Or whether it’s an attempt to temper. All minors check and record these. Any computer connected to this network is able to view the data added to the block chain. No third parties are required. No central authority is required. You may also connect your computers to the network and check that.
What are juveniles(Miners) getting?
In the case of the bitcoin blockchain this price takes the shape of bitcorners. Each mining informatics to bitcoin and connected to the bitcoin network. gets a pair of bitcoin. And if any computer falsely checks something I’m punished so there’s a penalty.