Home / Blockchain / Blockchain: INFOGRAPHIC: Blockchain Breakdown

Blockchain: INFOGRAPHIC: Blockchain Breakdown

Blockchain:

Transcript

BLOCKCHAIN Breakdown What is BLOCKCHAIN? Technology underpinning bitcoin, a public decentralized ledger of all transactions 100100101110010101010100100101010010101000110 010011101110010101000100100101010011100O101001 00100101101001010100100100010000101111110000 01010101100100101010010010001001110000101010 The bitcoin network authenticates transactions recording them in the Blockchain HOW DOES IT WORK? Mining math Miners’ computers calculate cryptographic hash functions, a unique lle er “fingerprint” that makes mt- e) R Ps r hant-f transactions verifiable Block n Hash Hash Each block contains the hash of the previous block that link together in a long chain Block 0 Block 1 Block 2 Computers bundle transactions into a new transaction block Blocks can carry a certain value of bitcoin or other pieces of information which makes the Blockchain so powerful! Blockchain Applications Blockchain uses being explored today… irrespective of the use of bitcoin smart contracts smart property digitization of documents digitally recorded assets and proof of ownership for transfers stock exchanges music distribution digital trading platform proof of ownership for digital content secure digital voting health records decentralized patient fraud-proof, anonymous records management digital

Read More

About admin

Check Also

Blockchain: 10 Reasons Ethereum Needs to Be on Your Radar

Blockchain: 10 Reasons Ethereum Needs to Be on Your Radar

September 18, 2020 6 min read Opinions expressed by Entrepreneur contributors are their own. Founded over five years ago, the Ethereum platform and its native ether (ETH) have existed mostly in the shadow of bitcoin in the public eye. However, Ethereum has been gathering momentum particularly in the past few months. In July this year, it…

Leave a Reply

Your email address will not be published. Required fields are marked *