Know about blockchain technology

When you are familiar with cryptocurrencies, you would have gained some knowledge about this technology. Blockchain is nothing but a public ledger which is used to add new blocks to the existing database. To explain in details, you will have digital wallets to transfer bitcoins and if a transaction is made, it is stored in a public ledger which is a blockchain.

This ledger is completely decentralized, that is there is no central authority to control it and also it is distributed to all the bitcoin users. It is a simple concept which includes data of all the transactions that are completed. Each block three pieces of information such as the date and time of a transaction, the people who transact bitcoins, instead of their name, their digital signatures are included and also the transaction id. Keep in mind that each transaction has unique code known as hash.

While a new block is added to blockchain, anyone will be able to see it along with the data like the time of the transaction, who transacts it to whom and also some other information. Vignesh Sundaresan a blockchain developer and angel investor in blockchain technology and vignesh sundaresan blockchain service is going well and he founded Lendroid Foundation, which improves the blockchain financial services.

Bitcoin users will be able to view the contents of blockchain and also can have a copy of it in their own personal computers. By this way, they can come to know any updates that is made with the ledger.