What makes blockchain special

Last 8-9 years we are hearing a common word blockchain technology. This was first introduced by a man name Mr. Satoshi, but nobody knows his true identity. The technology he creates is a solution of many problem. In this post we will discuss how blockchain technology works and what makes it special.

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Transparency:

User of this network can get access to a part of the network. They can see the first transaction that has happened in this network to the last one. Thought they cant identify the seller the sender or receiver. The information added to the block is permanent.There is no central bank system in this network , so manipulation is not possible.

SHA256 Algorithm:

Blockchain use SHA256 algorithm to secure any transaction in this system. The address and private key used in transaction pass through the algorithm to verify. After verified it transmit the data to the network to make accessible to everyone.

Unique:

A block in the system is a set of number of transaction details. Each and every block has its own hash, pervious hash, nonce and transaction details. When previous hash, nonce and transaction details passes through the SHA256 algorithm. It creates a new unique hash address that can be used to identify that block

Mining Award:

When someone find a nonce that fulfill the hash requirement. He gets 12.5 btc as a award.

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