There is lot being said and written about bitcoin & cryptocurrency altogether. Still, there is lot of misunderstanding among people over it, that\u2019s when we thought how about we try to solve this mystery.<\/p>\n
After our last article on India\u2019s probable ban on cryptocurrency<\/a>, it got our writers curious to dive deep in this alchemist world of digital currency. Working of Blockchain<\/a> is as obscure to people as IRON Bank\u2019s operation in GOT (Game Of Thrones).<\/p>\n What is a Blockchain?<\/strong><\/p>\n Blockchain\u2019s potential reaches far beyond cryptocurrency.\u00a0It is based on distributed ledger technology, which securely records information over a peer-to-peer network. Every participant can see the data and verify or reject it using consensus algorithms. Approved data is entered into the ledger as a collection of \u201cblocks\u201d and stored in a chronological \u201cchain\u201d. The Data is stored in a hash (string of character), making it cryptographically secure and thus it cannot be altered; which is why it\u2019s called \u2018Blockchain\u2019. So basically \u2018Cryptocurrency\u2019 is one of its applications and \u2018<\/em>Bitcoin<\/a>\u2019 is one of the currencies which was developed over this technology.<\/em><\/p>\n Satoshi Nakamoto,<\/strong><\/em> the anonymous inventor of the Bitcoin, designed the Blockchain architecture. <\/em>Blockchain works when there is a vast amount of data available, and uses Artificial Intelligence (AI) to determine the authenticity of complexities in multi-party transactions. Blockchain works on distributed architecture, making it hack-proof over other technologies, where it is either centralised or decentralised, but still operated by a handful of people.<\/p>\n It is this characteristic of a Blockchain which has caught many\u2019s attention. So when someone adds a block, it is viewed and verified by everyone (miners). Miners help to provide the computing power to carry out the blockchain transaction for which they are awarded with a small bitcoin fee. A miner can be any one who is interested to let his\/her computer to work as an interconnecting node within the distributed network.<\/p>\n Blockchain<\/strong> \u2013 Its Future <\/strong><\/p>\n