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What is Blockchain ?

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Today in this post we will explain about Blockchain technology . Mostly people think that if we are talking about bitcoin then it means we are talking about bitcoin , but actually not .

Here in this post we will try to explain you that how bitcoin and Blockchain both are different from each other and how they are dependent to each other .

BLOCKCHAIN TECHNOLOGY

Invention of Blockchain Technology

Story of invention of Blockchain technology is not clearly known to the world but still a most popular story is that it is invented by three people .

First person was SATOSHI NAKAMOTO , second person was Mt.Gox and third person is unknown .

The idea of Blockchain technology was introduced by NAKAMOTO and it was designed & developed by the third person in coded form and after that Mt.Gox was the person to introduce the Blockchain based currency bitcoin to this world with his power of money.

What is blockchain

Blockchain is a software based program which secure our data in the online internet with 100% security and without vulnerability .

In this Blockchain technology algorithm the transfer of actual data take place . 

What we mean transfer of actual data take place? 

To understand this thing we need to take example of banking system . When we want transfer our fund from one account to another then bank system debit a amount by digit in our account and add that digit amount to the receiver , So clearly no actual transfer of data take place . But here in bitcoin actual transfer of data take place unlike bank.

USE OF BLOCKCHAIN ECHNOLOGY

Use of Blockchain technology

The most popular use of Blockchain is in Cryptocurrency world . 

People creates Blockchain algorithm to create their own digital currency  like bitcoin .

In very recent time many countries are thinking to use Blockchain technology integration with banking system for more security than what they have existing security with traditional technology of banking system.

Is it risky technology ?

Absolutely No ,

As we already told about it that many banking sectors are looking to implement the Blockchain technology with their banking system to achieve more security , So we can understand that how much Blockchain technology is secure.

Types of Blockchain technology

 

Many people thinks that there is limited numbers of Blockchain software program available but it is not true .

In this word there are numerous of software program developers are and every person and team of software development develop their own Blockchain algorithm in his own way to make it more secure and more faster to use .

We can say that the numbers and types of Blockchain software program are in many numbers out which few known and few are unknown . 

Bitcoin is based on SHA-256 technology.

Dash coin is based on X11 technology

Litecoin Doge coin are based on Scrypt technology of block chain

Fore all other coins you can check by simply visit at this Link

In shorts Blockchain is a technology or algorithm program and bitcoin is a data which is based on Blockchain software program . And almost every Cryptocurrency is based on Blockchain technology except few coins which were created just to scam people and make money by launch their ICO projects .


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1 Comment
  1. […] hardware to move the coins from one wallet to another wallet. To know more about blockchain click here […]

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