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What is Bitcoin Blockchain Technology?

Find out about the driving force of Bitcoin and this world-changing concept of Blockchain

What is Bitcoin Blockchain Technology? 

A car needs an engine to work similarly Bitcoin requires Blockchain technology. Blockchain operates Bitcoin and it was first introduced in 2008 by an anonymous group of people known by the name ‘Satoshi Nakamoto”. Behind Bitcoin there is this concept of Blockchain, this concept is implemented to run the Bitcoin. 


Refer to our previous articles about Bitcoin- 

(http://www.newsandstory.com/story.php?nid=0212270758201796706
Why is Bitcoin Better than Money?) 

(http://www.newsandstory.com/story.php?nid=01121152130201783058-
How to earn Bitcoins?) 

Bitcoin was created in order to solve the issues of currencies with banks like duplication, time consumption, and financial crisis. Bitcoin is independent of any banks so it solves the problem, it is decentralized that is no one person owns the blockchain network, and it can never be manipulated or hacked because of the basic structure of a Blockchain. Blockchain provides such a platform where Bitcoin overcomes all the issues of traditional banking. 



Bitcoin is a public distributed database holding encrypted ledgers. This means a block is the current part of Blockchain which records the recent transactions. Once it is verified it becomes a permanent part of the growing Blockchain. 

Blockchain runs on the following technologies- 

Shared Ledger -Distributed machines on the peer-to-peer network help in maintaining the consistency of the public ledger. Every single person on the network has a copy of the ledger. There is no single centralized original copy. Ledger is the copy of all the transactions that ever happened. is a distributed database that stores all the Bitcoin transactions that have happened in its history. 

Private Key Cryptography- Blockchain uses private key cryptography to secure identities and hash functions to make the Blockchain unchangeable Everything stored on the Blockchain is encrypted. This way, everyone is able to see all the transactions but at the same time, no one will know which of those accounts belongs to you. 

Proof of Work- It is a concept invented in Bitcoin Blockchain wherein the miners will validate transactions by solving a complex mathematical puzzle called Proof of Work. Technically, there is a hash target value designated to every block before time. Proof of work ensures that the nodes automatically and continuously agree to the current state of the ledger. 


(How does a Bitcoin transaction work?) 
(http://www.newsandstory.com/story.php?nid=231223183806201750580

These features are implemented through the Blockchain technology 

The future of Blockchain technology 

Payments – Blockchain will be the future of the payment solutions with direct, fast and secure payment methods without transaction cost. 

Banking – Blockchain based solution going to be the next big thing in Finance. Banking systems based on the blockchain are much secure and cost-effective. 

Healthcare – We help you to secure patient data sharing between platforms. Better collaboration between health data providers that results in higher possibilities of accurate diagnoses. 

Logistics – The key benefits of blockchain for logistics network is that it establishes a shared, secure record of information across the network. 



Bitcoin is an idea that can change the world; peer-to-peer immutable databases that can safely store and transfer digital assets are a truly disruptive logic. There will be wide acceptance of blockchain.   

For more info about Blockchain go to -
https://www.coindesk.com/information/how-does-blockchain-technology-work/  
https://www.quora.com/What-is-a-blockchain-2



Bitcoin
Blockchain
Cryptocurrency
Mining
Transactions
Bitcoin Wallet
Hash
Data Encryption
Future
International
Information
News
Sandeep Semwal
Freelancer
Total 6806 views