Blockchain - What is a Blockchain?
In case of any new addition to the data, a new block is added with the information and it would be connected logically to other blocks of the same chain.
In case if there are any changes that need to be changed in the block then we will have to add a new block with the updated information. Any information written on the block can not be changed instead we have to add a new block and by this, we can update the information regarding any specific information on the blockchain.
It’s a digital ledger system which is stored across different networks. We can see the use cases of blockchain in the medical industry to store the information of the patient, Plot Registration which will hold the landlord’s information and so on.
There will be no easy manipulation or fake data will be stored and this will help to produce the right information.
BITCOIN is not a blockchain but the technology which is underlying is blockchain. There are various cryptocurrencies like bitcoin, ethereum, ripple etc which are based on the technology of blockchain.
“Blocks” on the blockchain contains digital information.
It can hold basic information as well as complex information example
- It holds the transaction amount
- A transaction happening between the parties
- Every block will hold its own unique identity to differ from other blocks