What is BlockChain Technology?
Blockchain is the method of allocating and recording the ever-changing digital signatures within the transactions that have taken place over the course of time. The concept of blockchain came about from the Byzantine Fault. The first description of the Byzantine Fault was that it was a problem which arose from the “Byzantine Crisis” in the eleventh century when there was a major power struggle between the Roman Empire and the Greek Orthodox Church. In order to prevent any damaging power play by one group against another, the leaders of both sides sat down and formulated a plan in which there would be some kind of record of every transaction that was transacted.
Blockchains have appeared throughout history because they are very useful in a number of ways. The concept of what is block chain came about because of the need for a digital way of recording the changes that take place in the changing economic environment. Block chain is often compared to the Internet as it enables people and organizations to track the entire history of the changes that take place in the world around them.
Block chain technology is not only used within the electronic realm, but it is also widely used within the financial and banking industries as well. The major difference between a traditional database system and the Block Chain is that the system uses a ledger rather than a physical database. When you send a transaction request (Transaction) to the network, you are requesting information such as what is the current balance of your balance, what is the last balance, what is the maximum balance and the balance that you want to close your account at. When the transaction is complete, the work is not done from the client’s side, instead, it is handed off to some kind of” miner” or “reeasurer” who will then change the existing transaction, before passing it on to the rest of the network. The current block contains the details of every transaction that took place between all explorers (users) of the network.