Blockchain Technology is primarily used for keeping transaction data of Bitcoin through a global computer network. It is estimated that Blockchain Technology is going to get adopted in several Indian banks. Public and private companies are exploring more and more about blockchain to ensure transparency and to improve efficiency.
Steps How Blockchain Technology work:-
- Data :- The Data Stored in Blocks is Depend on The Blockchain . If Data is About any digital Currencies the Blockchain maintains Information About a transaction such Like sender, Receiver, and amount of Transactions,
- Hash :- In the Blockchain Data Stored In the Form Of Word ,Sentence or longer text. Hash Functions Are Used in The Blockchain for Security Purpose Because Blockchain Is a Backbone of Security.
- Previous Hash :- Previous Hashes are used in the block Because each Block Contains the Header of Previous block, and Previous hash Ensuring That Nothing has been tinkering with as New Blocks are added.
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