Blockchain Development Company India

What is blockchain?

The blockchain is simply a chain of records ( blocks ). These blocks are growing continuously, secured and linked using cryptography. Every record contains the information in the form of a hash pointer which acts as a link to the previous block. In this way, a chain of blocks is formed which is known as blockchain.Blockchains are designed such that the data presentation cannot we modified, hence it is a secure form of network and can be used was very high security is needed. Hence blockchain can be used for the applications such as identity records management, secure payment processing, voting etc. We can simply say that blockchain is hack proof.If you are looking for Blockchain Development Company Kalibroida is the best option for you.

History of blockchain.

The concept of the blockchain was first developed in 2008 by an unknown person or a group named Satoshi Nakamoto. The first blockchain was implemented in 2009 as a base component for Bitcoins.Working of blockchain.

Let us consider a cryptocurrency, As we now know that blockchain consist of records ( blocks ). These records consist the information of the new transaction ie the location of cryptocurrency, As soon as each of the record ( block ) is completed It is added to the chain such that the hash pointer has the link to the previous record ( block) forming a secured chain of blocks known as blockchain.What is Mining?

Cryptocurrencies are encrypted and are really secured. If we want to make any transaction means we are solving a really complex math problem ( i.e. the logic of algorithm ) the speciality of these it becomes harder as the blockchain grows. Some people try to solve this logic and if successful they get the cryptocurrency for free. This process of extracting cryptocurrency by solving the algorithm is known as mining.

How to access your data from blockchain?

Let us consider that you own a cryptocurrency. For access you have given a really long password known as a private key. This private key has its address on the blockchain. With the help of this key you can withdraw your cryptocurrency. The most important thing is if you loose this long password / private key you lost all your money i.e. there is no option for the recovery of the key. There is one more key given known as public key. This key is basically used to receive the cryptocurrency from other to your account. In this way with the help of keys you can access the data from blockchain.

Some Important points about blockchain.

The information on blockchain is public. As the functioning of Blockchain do not line on a single system or server, the transaction done by you is visible to others i.e. blockchain is like Public Ledger. Let us consider a example that you send a bitcoin to anyone or a friend or you just sell it. This information about your transaction is available publicly on the blockchain. The public only knows the transaction value that is transferred using blockchain and not youridentity. This helps us bypassing the organization/banks/government to track our money.

Writes an article on new technology for Kalibroida Technology Solutions. Kalibroida is one of the best Blockchain Development Company, also provides services like Sap development, Aws Services, Microsoft Azure Services, Cloud Computing, Salesforce.