What is Blockchain Technology | Explain in details

Reading Time: 4 minutes

Over the past, many people must have heard about bitcoin. Some people don’t know that bitcoin is based on Blockchain technology. Here we discuss in detail about blockchain that clear all your doubt regards bitcoin.

The first work on a blockchain was described in the year 1991 by Stuart Haber and W. Scott Stornetta.

What Is Blockchain:

A blockchain is a database that is recorded from a network of computers. Once the transaction has done it can’t be changed. The first blockchain was considered by a person or group of people known as Satoshi Nakamoto in 2008. 

Hash is generating a string value which will be numbers and letters produced by a mathematical function such as 18c177926650e5550973303c300e136f22673b74. This address is showing in various blocks. Hashing is one way to enable security. Each individual who using cryptocurrency has consisted of a Cryptographic key of two private and public keys. The bitcoin (blockchain) containing records of all transactions that have occurred on the network, 2015 to January 2019, the bitcoin blockchain grew from 20 GB to 100 GB in size. The ledger size had exceeded 308GBin the year 2020.

In the world, the blockchain is using about a 10-20% acceptance rate of financial services. 

Blockchain-based project

Bitcoin is based on blockchain technology. Behind the bitcoin (blockchain) is a public ledger that records Bitcoin transactions. It contains a chain of blocks, each block containing a hash function. Users wallet containing wallet addresses which are protected by the digital signature.

For example, A person who sends x Bitcoin to a payee is broadcast to this network using a readily available software application. The miners verify the transaction this may take a few minutes for a transaction to be completed.

Mining In Bitcoin

The process in which the transaction is verified by someone called miners and they get a reward for solving mathematical puzzles.

Why Blockchain become popular

Secure

Cryptocurrency is stored in a public key cryptography system. Only the wallet owner can send cryptocurrency. This contained a big wallet address makes it impossible to break this coding. So it makes it more secure as compare to bank security.

Decentralized

After the crisis in 2009, Satoshi Nakamoto’s main objective when creating Bitcoin was the network’s independence from any governing authorities. Every currency in the world, except bitcoin (not all cryptocurrency), is governed by some kind of authority. Every transaction goes through a bank, where people are charged high fees, and it normally takes a long time for money to reach the recipient. Bitcoin is not controlled by anyone. It’s a decentralized network with all the people taking part in it.

Anonymous

The Bank knows virtually everything about their clients: Account name, address, mobile no, credit history, and so on. But in bitcoin all are different. Neither transactions nor accounts are connected to the real identities of the person. You receive Bitcoins on bitcoin addresses, which are randomly seeming chains of around 30 characters. Some people don’t want their finances to be governed and tracked by any kind of authority, activities like terrorism, hacking, drug supply, and other illegal activities.

Transparent

A single Bitcoin transaction that ever happened is stored in the Blockchain. If your wallet address was done any transaction, anyone can tell how much bitcoin is in it by studying the blockchain ledger. However, we can easily check all the transaction details of the particular Bitcoin address openly. Those people who want to stay anonymous with their transactions have advantages. 

Fast and Globally

The bitcoin payment almost instantly in the network and is confirmed in a few minutes. You can send Bitcoin to a neighbor or someone on the other side of the world. While normal bank transfer can take several days. 

Charges

The bitcoin transfer charges are negligible. while transaction goes through a bank, where people are charged high fees, and it normally takes a long time for money to reach the recipient.

 cryptocurrencies can’t be recalled

Top Blockchain-based startup

Here we mention the top startup that has used blockchain technology. So if you want to see the startup review you can comment out or you can directly go to the link of the startup.

The Blockchain-based Startup is as follows:

How to learn Blockchain: 

Blockchain is one of the trending topics and also most companies want a Blockchain developer to work. But the thing is the blockchain developer is very low in quantity and some are there but they don’t have much deep knowledge about blockchain. So many people searching on google about sources were to learn blockchain. There are many Youtube channels, books that are available on the internet. So you can easily learn from youtube and books and also from the blockchain niche blog. If you want to know more about blockchain then you comment-out in the blog post or you can ask in the ask section. We suggest you free material for the blockchain.

how much does a blockchain developer earn

In view of the increasing demand for Blockchain Technology, The people who experts in Blockchain are very low and the demand is very high. So the salary of the Blockchain developer is very high. According to Hired, an average salary for a blockchain developer is between $150,000 to $180,000 per year. To compare, an average software engineer salary reaches $135,000 per year

Comparable amounts are provided by CryptoCurrencyJobs.co, which says that blockchain engineer salary in the United States stands at $135,000 per year.

According to PayScale, the average blockchain developer salary is significantly lower than $110,000 per year.

Scope of Blockchain Technology in Future

Blockchain Technology is the fastest-growing technology. The best feature of Blockchain technology is cryptography which encrypts the transaction very safely. There are many industries that are adopting the features of Blockchain technology that are awesome. Many kinds of research have been carried out on Blockchain technology, which expresses that Blockchain technology will be advancing to disrupt the world. Blockchain becomes popular when the Bitcoin price increase rapidly and the bitcoin came in the front news. After that Blockchain also comes into the news because Bitcoin is based on Blockchain technology. That’s why a lot of companies are implementing blockchain technology today and the Blockchain will continue to grow in the same way.

1 thought on “What is Blockchain Technology | Explain in details”

Leave a Comment

Contact Us