image source

Good day steemians, I am pleased to be part of steemit crypto academy community where I can learn and share my idea of crypto currency, this contest is going to be a eye opener to alot of people especially the newbies in the crypto space. Blockchain technology is a special type of database which transactions and transaction history are stored or recorded in a decentralized, distributed ledger. Blockchain technology is safe for storing and processing sensitive information, the revolutionary aspect behind Blockchain is that processes are not completed by one computer, but by deferrend computer simultaneously. Bitcoin Blockchain is a typical example of Blockchain technology and of course the first Blockchain and it is trusted secured through a decentralized immutable ledger that is not run by a single company or government but by an independent community of computers all around the world, all computers are in the same network called a peer-to-peer network, This model is referred to as "distributed trusted model ".

A model of trust Blockchains offer groundbreaking technology with the potential to change the internet and even the world for many reasons, as we drive deeper into how Blockchain works, you will find it increasingly easy to understand.

My favorite part of the of Blockchain technology

What really interest is that Blockchain is not updated and validated by a single individual, but by hundreds, thousands, even millions of community members in regular time frame. Instead of a single party like a bank, government, even company, the whole Blockchain network agrees on shared "reality" of either complete history of all transaction that takes place within the network, THIS AGREEMENT IS KNOWN AS CONSENSUS. Because every single transaction that has ever taken place within the network is recorded, and it is not possible to change the ledgers history or send the same transaction twice, (or double spend) this process creates natural trust and transparency in transaction.

This is important PoW will put the industry at risk. But because Users of Blockchain technology don't even have to know each other because no single user can cheat the system as a whole. Without this concept Blockchain technology will not suitable for transaction between parties that need to be verifiable, preserved permanently, such as contract, ownership of intellectual property identification, and of course cryptocurrencies investment like BITCOIN will be at risk.

Blockchain technology ensures that no information is manipulated by anyone, the community behind the network has to agree on a common reality. In Blockchain transaction's are stored in blocks with each newly generated block referring to the block before it with a unique identifying number called the hash . Hence the block continue in chains as the name imply.

There are alot of innovation lately crypto currency Blockchain making the chain turnkey. The most common features in Blockchain technology is that, the technology is trusted based on technological features such as the fact that all blocks can be viewed by the public, no transaction is added to a block without first being verified by a miner A SPECIAL COMPUTER in the network. This way the community ensures that no fraudulent transaction is recorded in the Blockchain.