Details about blockchain technology Part 1

^{Asshalamu alaykum, I'm @toufiq777}

Details about blockchain technology

Image Collect this source

Blockchain is a separated, scattered and mass computerized ledger that completes the taping transactions and deals of funds or pool in a secured network. Funds or deals can be both real or unreal in physical world until it has a value can be monitored and exchanged on blockchain web by decreasing both the cost and threat upon it.

Why blockchain tech is so dominant these days?

Image Collect this source

Ours in an age of science and tech where we like to do things or run our business in the most secured way. Blockchain helps us in doing so. Basically, Blockchain deals with the information. While handling information we prefer receiving it speedily and precisely. Blockchain tech is master of performing it. Because it processes instant, separated and fully clear information that is reserved on a database or system like ledger. And this information can only be handled by the individuals who has been authorized. So, information remains secured and intact. It can process and monitor any kind of deal, trades in, report and many more.

What are the main parts of blockchain?

Image Collect this source

To perform any trade in or deal or report blockchain uses many of its salient features like separated ledger tech, fixed records, smart contracts, different base, pace and low cost.
Among these I want to highlight a few one that plays the most vital role in operation.

 Separated Ledger Tech - Members who have access to deal with the information stored in a ledger can perform any taping of transactions or deals. As the ledger is interconnected when a transaction occurs blockchain records it for a single time. There is no other way of copying it further.

 Fixed Records – Any records being stored on a ledger is unchangeable. No member having access can modify it once it has been first recorded. But sometimes records fail and that moment the earlier record is considered as an error and a new transaction must occur to complete the process. Otherwise only the old records remain. If new transaction occurs both remains sin the ledger.

 Smart Contracts - As I said earlier any transactions that occurs it initiated in the fastest time possible. To do so there are a few orders that is being set earlier known as smart contracts. These contracts are the backbone of blockchain because once it is in the system it works instantly and spontaneously.

What are the Merits of blockchain Tech?

Image Collect this source

Blockchain tech is the wonder of science I should say. It has greater benefits in every way. Firstly, through this tech we can get exact, accurate and instant data from any transactions. There is no chance of duplication on modification. So the whole process is trustworthy. Secondly, Data preserved in the blockchain ledger is the most secured than storing at any other place. Nobody can even erase any data from the records. Thirdly, as the ledger tech is separated and scattered the accuracy and effectiveness is excellent.

Today I have talked about the basic components and benefits in general. In my upcoming post I will try to cover other important aspects of blockchain tech.

Wishing well to all.

^{Vote for @bangla.witness}

Thank you
@toufiq777