Blockchain Technology was invented by Stuart Haber and Stornetta in 1991. Later, after seventeen years, Satoshi Nakamoto understood the power of Blockchain Technology and in 2008 released the Bitcoin paper, which was lead by further release of bitcoin software in 2009. After that first successful transaction occurred between two scientists Hall fenny and Satoshi Nakamoto using Blockchain Technology. Over the period of time, both bitcoin and Blockchain Technology became popular. Bitcoin is an application of Blockchain.
What is BlockChain?
It is a collection of records in the form of block in chronological order. It is also referred to as Distributed Ledger Technology which makes the digital assets immutable, transparent and trustworthy through the use of decentralized and cryptography hashing. Block contains data/information, hash and previous hash.
How does Blockchain works?
A transaction is required. A block is created that represents transaction. The block is sent to every node in the peer to peer network. Nodes validate the transaction and receive a reward for the proof of work. The block is added to existing blockchain and sent to every node in peer to peer -network. This is how blockchain technology operates.
