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How Does Blockchain Technology Works

Blockchain is a Distributed Ledger Technology (DLT) that secures information in a way that makes it difficult or impossible for anyone to modify and hack it.

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How Does Blockchain Technology Works

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  1. How Does Blockchain Technology Works? Blockchain is a Distributed Ledger Technology (DLT) that secures information in a way which makes it difficult or impossible for anyone to modify and hack it. This revolutionary technology is developed using three important concepts: Blocks- A data structure within the blockchain database. This also has three basic elements: (i) Data: In the Blocks (ii) Nonce: It is a 32-bit while number, which randomly appears when a block is being created. (iii) Hash: This 256-bit number is united with the nonce. While creating the first block, a nonce generates the cryptographic hash. Miners- Miners create new blocks on the chain through a process called mining. Nodes- These are any kind of electronic device that maintains copies of the blockchain. Each node has its own copy of the blockchain, which further supports the newly mined block to update the chain. One of the most important features of Blockchain Technology is that it is transparent, which means any kind of movement or action taking place in DLT could be viewed and checked by the participants. Today, the technology is helping several industries by making their operations more transparent, secured and immutable.

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