What Is blockchain technology
What makes up a blockchain?
Hi everyone,
I am so happy to have the opportunity to learn more about crypto currency. I thought the topic is too complicated but after our teacher's explanation, I now see that it can be understood if you pay attention to the lesson. I read the teacher's explanation for three days and now I can finally tackle the lesson.
What is Blockchain technology?
This is a type of technology that is used to store information on the Blockchain. The Blockchain is where information or data is stored or kept so as to be accessed when necessary. This technology is used with cryptocurrency trade and the first of it's kind was founded by Bitcoin, which was created by Satoshi Nakamoto.
In this kind of blockchain technology, information is stored using Cryptographic protocols: complex mathematical equations that are hard to change or hack into.
The Blockchain is formed from the two words i.e Block, and Chain. Blocks are stacked upon each other in a chain formation and linked together using the hash function.
The Blockchain is decentralized and distributed across a network of computers and in the coming future, it can be used for purposes such as;
- Banking; to make information more accessible and avoid long cues.
- Policing; to easily identify crime and counter attack terrorism
- Medical care; to help client's information be accessed from anywhere in the world.
- Land Offices; to prevent fraudsters who sell land that does not belong to them.
- School; to store student's results from an early stage and be able to access it from any human resource center or even access learning material.
- Job; the human resource centers can use it for accessing job vacancy information or recommendations.
What makes up a blockchain?
A Blockchain is made up of the following;
I) Block
This is the place where data or information is kept. Our teacher called this the box where toys are kept. It is not valid untill it is verified.
Ii) Data
This is information that is stored on the block and can be accessed on a decentralized network. However, some functions that need access to certain information need specific keys in order to tap into them.
III) Hash
This is the link for all the Blockchain. The hash is generated for each new block mined and each block has got two hash: the one for the previous block and its own hash. Every block has got a unique has that cannot be re-produced for another block. It uses the hash algorithm that makes sure each is unique. The teacher called this the rope that holds all blocks together.
I thank you teacher @benton3 and I am grateful for the chance to learn and participate. Thank you.
Bye.
Hello @vonne
we appreciate your participation in week 1 of steemkids crypto academy and your efforts to do this weeks assignment.
Your writeup was beautiful, and your presentation was very clear.
Thanks once more for being a part of this project. Looking forward to your entry for week 2.
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Thank you for your participation in week 1 steemkids crypto academy. Continue to learn more about crypto as much as possible. We wish you all the best.
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I am grateful
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You have been curated by @yohan2on, a country representative (Uganda). We are curating using the steemcurator04 curator account to support steemians in Africa.
Keep creating good content on Steemit.
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