Namaste People Manoj here, and welcome to Corta News. You’re reading our most recent post’s highlighted concepts. What exactly is NFT? Blockchain? Explained. Corta News was India’s go-to source for tech and mobile news. You can find the most up-to-date case studies, Smartphone news, and opinions on technology.
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Here is the corporate definition of Blockchain.
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network
To help you understand what Blockchain is, I’ll give you a small example.
I believe that everyone is aware of the Indian elections. So, when it comes to elections, we go to our polling station and cast our ballots. However, we have no way of knowing whether or not our vote was counted in the final results. However, because we have faith in our election commission, we believe our vote was valid or counted.
The same is true in banking. If we made an online transfer from our bank to the bank of another person. Our bank (SBI) will check our account balance and transfer the funds to someone else’s account. (Union Bank of India)
However, in the blockchain system, the public can see your transaction and vote.
You will have two addresses in blockchain, one personal and the other public. When you make a transaction in Crypto or NFT, your public address is displayed to miners, and only you will be able to make a payment once they accept your transaction.
How does Blockchain work?
A blockchain organizes data into groups called blocks, each of which contains a set of data. Blocks have specific storage capacities, and when they’re full, they’re closed and linked to the previous block, forming a data chain known as the blockchain.
Who are miners?
Miners are the people who had access to our blockchain ledger. There are tens of thousands of miners in the area. The miners’ main task was to decipher some complicated codes and gain access to our ledger.
If 51% of the miners accept your transaction then it will happen.
Blockchain was the first generation, but it has evolved significantly since then.
Blockchain has already been used in elections in Russia, and Sierra Leone country.
Singapore has been using Blockchain technology in the medical field to learn about COVID-19, and we can also see blockchain in the educational sector.
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