WHAT IS BLOCKCHAIN TECHNOLOGY AND HOW IS IT RELATED TO BITCOIN?
Blockchain is a digital public ledger used to store the transactions. Blockchain has the prospective to create new foundations for social and economic systems. Blockchain has a decentralized networking system.
Blockchain network is the worlds leading software dealing with digital assets and transactions. The blockchain has the whole information regarding all the bitcoin user transactions right from the genesis block to the most recently used or completed blocks and their addresses.
The Blockchain has number of sets of blocks where each block specifies a user independently, blocks of the blockchain are encoded or hashed blocks which store the data securely using the cryptography encryption. Blockchain plays a key role in prevention of double spending by the users, this is the major advantage of using blockchain technology. Once the transaction gets recorded it can’t be altered.
Bitcoin is the first ever invented decentralized digital or virtual currency in the year 2009 usually taken as cryptocurrency, bitcoin works on peer-to-peer networking system where the transactions totally take place between the users without any third party interference. Blockchain network plays a key role in storing the transactions made using cryptocurrency or bitcoins, all the transactions made are safely secured using state-of-art. Blockchain network lives in a state of consensus, for every transaction a new block is generated in the blockchain and the time required to generate the block in the blockchain is known as block time. The blocks once added can neither undergo any changes nor can be removed from the blockchain. The block time of bitcoin is 10 minutes. The transactions directly between the users imply the transactions between the wallets of the users.
Bitcoin now-a-days is being used in many sectors a online gambling, payment and trading sectors.
Checkout this infographic on “A Beginner’s Guide To Bitcoin & Blockchain Technology” to get a detailed information on What Bitcoin is? How does it work? & How it’s related to online gambling?
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