What is Blockchain?
Blockchain is a service that is used as a cryptocurreny wallet or for cryptocurreny exchange.Blockchain can't be hacked.There is no control of government on blockchain.
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Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
What is cryptocurreny ?
The currency which uses digital files as money is known as
cryptocurreny. The cryptocurrencies were made to be independent of
government-issued currencies. Cryptocurrencies use 'decentralized control'(
are not controlled by one person or government).
How it works?
Let's learn how blockchain work with an exanple. Suppose there are three
person- Sanvi,Sid, Tom and Rahul.Sanvi, Sid and Tom wants to send some
bitcoins to Rahul.They both have to pay 2 bitcoins to Rahul.Tom and Sanvi had
2 bitcoins in his account which is enough but Sid has only one bitcoin.Tom
send amount to Rahul Blockchain wallet and blockchain works here.Blockchain
makes a blocks which consists of some information like who send money (here
tom), pasword or fingerprint, whom money is send(here Rahul).After that Sanvi
send the amount to Rahul.There will another block built and this will consists
of information that is compulsory for Sanvi to send amount to Rahul.
This is connected with the block that consists of information about
transaction made by Tom to Rahul because the Rahul is person to whom bitcoins
or other cryptocurreny is send.This connection of two blocks is called
ledger.Copy is each ledger is shared with Tom,Rahul and Sanvi.Now Sid had not
much money to send Rahul.So, Sid will hack ledger and try to stole the
bitcoins but this is impossible for Sid because each block there is tough
algorithms used and Tom,Rahul and Sanvi had a copy of ledger. That is why Sid
unable to hack the ledger.Thanks all to blockchain.
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