2022-05-29 18:54:59
Summary
A Blockchain is a chain of blocks that contain information
The blockchain is not Bitcoin, but it is the technology behind Bitcoin
Every block contains hash.
Each block has a hash of the previous block
Blockchain require Proof of Work before a new block is added
The blockchain database is disturbed amongst multiple peers and is not centralized.
Block chain technology is Resilience, Decentralize, Time reducing, reliable and its offers unalterable transitions
Three versions of Blockchain are Blockchain 1.0: Currency, Blockchain 2.0: Smart Contracts and Blockchain 3.0: DApps
The blockchain is Available in three different variants 1) Public 2) Private 3) Consortium
Higher cost, slower transactions, small ledger, the risk of error are some disadvantage of using this technology
Dubai- The Smart City, Incent Customer retention, and Blockchain for Humanitarian Aid are the real-life use cases of Blockchain
Bitcoin uses blockchain technology which is not governed by any central authority or banks
171 views15:54