All You Need To Know About Blockchain Technology

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All You Need To Know About Blockchain Technology
There is a lot of hype around blockchain
technology. Never before any back-end technology
have got so much popularity. Well, before you
start working with it, here is 8 things you must
know. These days we are hearing a lot about
blockchain and bitcoins, but not all have a clear
idea of what it is. Though the technology is not
for common people, however on a large it has
already started changing the transaction process
of various industries. Different researchers have
found that the impact of blockchain technology
will be huge. What is Blockchain? It is a new
form of decentralized database. It is a real-time
digital ledger of any information that can be
recorded for example spreadsheet, monetary
transaction, agreements, physical assets,
logistic information etc. It is an open process
and everyone in the chain can see the records
which are known as a block. Each block is
encrypted and only the owner can edit it. When
any change happens it gets sync in real-time and
everyone can see the alteration in their
distributed blockchain.
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• There is hype all around about blockchain, we are
  going to break it down and here it is what you
  need to know.
• The person behind all this is known by the
  pseudonym name Satoshi Nakamoto and he kept his
  real identity in secret.
• Bitcoin, the money exchange system in blockchain
  technology today it has more than 8 million
  accounts and is growing.
• Blockchain can be used for public or private
  processes.
• A public blockchain is open to anyone who wants
  to be a part of the chain for example bitcoin. A
  private blockchain is created by one entity and
  he can decide who is allowed to participate.
• The global blockchain market is anticipated to be
  worth 20 billion by 2024.
• The digital ledger consisting information is
  constantly updated and every participant get the
  real-time copies.
• Already 90 of major North American and Europeans
  banks are using blockchain solutions.
• Blockchain technology breaks the database into a
  million tiny pieces, making it nearly impossible
  to hack.

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