What is Blockchain Technology ?



Blockchain is a massive technology that seems to be the one , which transforms the entire world to a better digital economy. In recent days , we may come across the word Blockchain in News , Social Media , search engines and lot more. This is because the demand for blockchain technology is going hype because of it inbound benefits.

What is Blockchain Technology ?

Blockchain Technology is one that supports for distributed ledger concept , thus allowing for higher data transperancy and lower chance of hacking. The blockchain technology spreads wider and faster because of its

Decentralized Nature
Enchanced Security
Distributed Ledger
Consensus Algorithms
Less prone to Hacks
Immutability

How Does Blockchain Works ?

Blockchain is a database ledger and the decentralization of blockchain is because of the use of consensus algorithms.Blockchain technology initially used for the storage of bitcoin transactions. The records are stored on different blocks that are connected together by chains.

Each blocks are encrypted by hash functions. Each time of transaction by node , every other nodes should agree for the processing. Hence , transactions in blockchain are always transparent and decentralized.

Consensus Algorithms - What is it ? Why we need those in Blockchain?

Consensus algorithm is a process of decision making within a group of individuals . Here all the individuals support for the decision, that favors every individual inside a closed group.
Blockchain is capable of building different blocks of database which won't be decentralized in nature . So, We need consensus algorithm to make blockchain into decentralized database .

There are lot of consensus algorithms dervied so far in the crypto world and each different blockchains supports different algorithms.

Blockchain Use Cases :

At Initial Stage, blockchain is used for only storing bitcoin transactions. As people started to know about its flexible nature made it applicable to many fields. Now, blockchain finds applications in various industries such as telecom,banking,education,CRM,SCM and lot more.

This is all because of the immutable and decentralized nature of blockchain technology and also its flexibity to use in different fields.

In recent days, business individuals uses blockchain to build decentralized applications(DApps ) for their business models through which they can gain more user engagement and thereby finding a business growth.

Well-known Blockchain Platforms for Developing DApps :

There are lot of blockchain platforms that are being used . Some of the popular blockchain networks that are being used in the development of decentralized applications(DApps) involves Ethereum, EOS , LISK, TRON, Minter, and lot more .

Bitdeal - Best Blockchain Development Company :

Bitdeal - Best Blockchain Development Company , furnishes you the complete blockchain solutions. They always take a step ahead to implement new innovations in blockchain technology.They have separate R & D team of blockchain experts who continuously monitor the growth of blockchain technology.

Their Blockchain services involves building private blockchain,DApps development ,hyperledger development and lot more .

Get a Free Consultation From Bitdeal's Blockchain Experts Now !!!

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