Blockchain doesn\u2019t look different from other decentralized systems, but it is often described as the backbone of a transaction layer for the internet. It is termed as a digital ledger of transactions that is distributed across the network of computer systems.Blockchain technology is essentially a structure used to store the transactional records in several databases in a network connected through nodes.In simple words, blockchain technology is a record of transactions on the digital platform. These blockchains are used to record the transactions made by cryptos such as Bitcoin, Ether. The technology represents an innovative distribution that eliminates the requirement for the third party to facilitate digital relationships. Transactions are broadcasted on a blockchain, and every node creates its updated version of events.Blockchain technology is not a new technology but a combination of known technologies in a new way. Three technologies are combined, i.e., the internet, private key cryptography, and protocol governing incentivization. In this case, private key cryptography helps provide a powerful tool to fulfill the requirements of authentication. The keys can incentivize the users to formalize the digital relationships. It has provided the impetus for IT companies, government, and banks for seeking innovative ways to build the transaction layer of the internet.Talking about the purpose of blockchain technology, it is to develop a secure digital identity reference. We can store data on blockchains in three ways:\u00b7 Unencrypted data- It is entirely transparent and can be read by each participant in the blockchain.\u00b7 Encrypted data- It can be read by the participants having a decryption key that provides access to the data stored on the blockchain.\u00b7 Hashed data- It shows that the data hasn\u2019t tampered.There is indeed particular hype around blockchain technology because of the ease of imagining high-level use cases. Upon examining the technology closely, it is noted that\u2026<\/p>","protected":false},"excerpt":{"rendered":"
Blockchain doesn\u2019t look different from other decentralized systems, but it is often described as the backbone of a transaction layer for the internet. It is termed [...]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/ar\/wp-json\/wp\/v2\/posts\/4054"}],"collection":[{"href":"https:\/\/afluxcoin.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/ar\/wp-json\/wp\/v2\/comments?post=4054"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/ar\/wp-json\/wp\/v2\/posts\/4054\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/ar\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/ar\/wp-json\/wp\/v2\/media?parent=4054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/ar\/wp-json\/wp\/v2\/categories?post=4054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/ar\/wp-json\/wp\/v2\/tags?post=4054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}