Nowadays, if we want to send money to someone, we most likely do so through a bank. Mutual verification processes take place when we want to send money from bank A to bank B. Is this person you, do you have money in your account, and is the buyer real? Banks serve as the intermediary in this case, and we use banks in the same way for many of our businesses. Banks charge fees for verification, and the process takes time. Blockchain technology has emerged to replace banks in some ways. Obtaining results directly from the software without the use of an intermediary institution. Software is working against all of the world’s banks.
I’d like to provide a brief overview of how the blockchain works to provide a general overview. At the very least, I’d like to state that it’s not a particularly magical or extraordinary piece of technology. Considering such an idea can regard as one-of-a-kind and excellent concept.
How it works
You’ve probably heard of the hash code if you’re interested in software. In general, hash codes represent the encoded value of data. Even if you’ve never heard of hash codes, I want you to be aware of two critical issues. Even minor changes in the data cause hash codes to completely change, and the hash codes are not return.
As a result, we are unable to access the data whose hash code is this. There are numerous hash code algorithms in this context. Blockchain employs SHA-265, one of the most powerful algorithms. We don’t need to be too concerned with the name, but it should suffice if we remember that 256 generates a 256-character hash code. By saying the hash code I’m referring to is encrypted data.
Consider a data card with a header, data section, and footer. There is a reference id and information about the number of chains in the title section. The information that we want to save is stored in the data section. Include the hash code for this card as well as the previous card’s hash code in the footer. Because there is no previous card, our first card will have no information.
The critical point is that this deck of cards is available in thousands of copies. If a card changed, the hash codes on the cards generate an error, and the blockchain removed from the system. The cards, as well as the chain as a whole, are safeguarded. I strongly advise you to watch this video on the link belove to understand how blockchain works.
Results
To summarize, blockchain is a smart technology that can perform transactions similar to those performed by banks. It is entirely up to you whether or not to trust this technology. There are those who concerns because blockchain has only recently entered our lives, and there are those who believe it is a very good system that can handle very large transactions. Nowadays, you might not use it, but having an idea about it is priceless. It is used by most of new technology like NFT. You can learn about NFT with this article.
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