Do you realize that blockchain technology is becoming popular lately especially in the IT industry? The popularity that the blockchain gained is because of the function that it offers. However, before we deep dive more about its advantages, you need to understand what blockchain is and how it works.
Blockchain is a brand new technology that has developed for digital data storage systems. Blockchain consists of a combination of two words, first one is block which means group and chain which means chain. The name reflects how blockchain works which uses computer resources to make blocks that are connected to each other in order to ease the process of executing transactions.
Based by its name, a blockchain is a sequential chain of blocks that are assembled and distributed together. Each block consists of a ledger and three elements, namely the data, hash, and hash of the previous block. Blockchain technology has indirectly supported the entire transaction process. Transactions can be more secure and transparent so as to minimize data misappropriation. It can also be used in fields other than finance. In 2018, McKinsey proved it by creating a blockchain opportunity table for various fields, such as telecommunications, property, media, medical, and agriculture.
This technology is connected through cryptography, that’s why its use itself cannot be separated from Bitcoin and Cryptocurrency. Blockchain itself uses the data based on the main purpose of the user. Whereas, hash contains data in the form of a signature or fingerprint or signature. Hash is utilized to identify the block and its entire contents in a unique code.
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