Thursday 27 May 2021

Understanding Blockchain Technology

 Bitcoin uses a digital technology called “blockchain,” an advanced coding mechanism that

 disperses a single code over thousands of different computers. For example, let’s say that 

your coin is built from the code, “XDA146DDS.” Blockchain segments the code into smaller

 pieces and stores the pieces of code across many computers. If a hacker wanted to access the

 code, they’d have to hack various computers to access the entire code.

Blockchain also employs a “public ledger,” which uses thousands of computers (referred to as “nodes”) 

to keep track of coins and their owners. If a coin’s data is changed, the nodes will cross-reference 

each other’s records to verify whether the change is accurate and that the coin’s owner initiated it.