What is blockchain?? How it's works?? Advantage of blockchain technology.

What is blockchain: The blockchain is the underlying technology that facilitates transacting in cryptocurrencies like Bitcoin and other Altcoins. We can say Blockchain is public ledger that records all the transactions and each block of transaction connects to another block to form a chain. The all recorde of transaction are publicly available for verification, and thus the technology enables complete transparency.

How does the blockchain works: In technical term Blocks are a set of transactions performed by the users that are collected and recorded by the miners. Eeach and every block contains a unique signature which is a code that links the new block created. For the adding a new block to the chain miners need to collect the transactions and solve a complex mathematical problem. 



In blockchain technology you get  multiple solutions to a single mathematical problem. Each and every difficulty level of problem  is automatically adjusted on the basis of the target set for the number of blocks to be created in a particular time and the actual number of blocks created.

 In blockchain technology the  all Informationtion can be added on the blockchain but cannot be edited or erased. The prevous block is linked through the unique signature, and any change in the previous block would invalidate the data in all the succeeding block.so changing content of any block is practically note possible.

We can describe Blockchain with following points.

• Blockchain is a De-Centralised Peer to Peer Network
• Blockchain is Distributed Ledger
• Blockchain is Secure
• Blockchain is immutable

First of all the blockchain technology was  invented for Bitcoin transactions but now it is not just confined to Bitcoins but there are innumerable use cases of Blockchain as a Technology.         

       In this technology many Public Blockchains, Private Blockchains, Permissioned and Permissionless blockchains are present. The field of blockchain technology is so wider so you can get more scope in this field.

Advantages of Blockchain technology

• Efficiency is improved: Blockchain eliminates a lot of mistakes in operational processes by automating many of them in a fool-proof, stable environment.   
• Companies save Money : Businesses are obviously concerned with their bottom line. Each company need to adopt Blockchain in all business process, the need for third parties will be reduced or eliminated, saving money on company expenses.     
• Fairly Simple Platform: One of the blockchain’s many advantages is its relative simplicity, particularly when compared to other programs that are designed to perform similar functions.         
• Incorruptible: The data in a blockchain network is incorruptible since the data in the network can be modified or added only by mutual consensus.