I am new to the concept of Cryptocurrency, Steemit and Blockchain. I did some research and now I have a bit of knowledge about Blockchain. If you are also beginner and trying to understand what Blockchain Technology, I hope you will find this post helpful.
Introduction
Blockchain Technology that works under the distributed network technology which is designed for robustness of the data being transferred. It uses all the networks within its system to distribute or share the data throughout the network. Due to this the process of transferring the data becomes much secure and faster. And it also prevents the loss of data.Example
Let me explain this to you with a simple example. Suppose, you have to transfer a legal document to another person living 20 km far from you. You give the documents to a person and ask him to deliver it to the destined person.But what happens if the person delivering gets in an accident or is delayed? The data will be lost or it will be delayed.
But now, imagine you had a lot of people in every 100 meters of distance. The first person travels 100 m and delivers to it another person and the another person carries on. But during the process they save a copy of the document being transferred. This way the process will become faster and even if the data is lost by someone, each one of them have a copy and can retrieve it.
More on Blockchain
Blockchain Technology simply does the same, use all the people in the network to transfer the data. Everyone will get rewards for completing the task. The distributed network will allow transparency of the data and will make the data much more secure. Cyrptocurrency follows the Blockchain Technology.Another simple example of Blockchain Technology is Google Docs. You don't have to transfer the data back and forth like before. Both sides can read the data on the same time because it is being distributed on the network and there is no chance of data loss as well.
Conclusion
No single person or organization is responsible for the data. Since the load is shared in the distributed network the work becomes faster and the data is much more secure over the distributed network. This, makes Blockchain Technology a thing for the future. This technology can be used in banks, crowdfunding, file storage, market prediction etc.I don't know whether I got the explanation right or wrong. If I missed something or said something wrong, I apologize and please correct me. Upvote & Comment and let me know. Follow me and I will follow you back.
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