Blockchain technology is a chain-like structure. It is used to supply the data and maintaining the records. In simple words, it is similar to Google documents. For example, if we create the Google doc and share it in the group of people. It creates the chain, all the members of the group can access the data at a time no one in the waiting or any other stage. Blockchain is not so easy but similar to this Google doc. As compare to google doc the blockchain is complicated.
According to the history of Blockchain, It was started in 2008 and launched by the Satoshi Nakamoto (a pseudonym used by the authors) “A Bitcoin end-to-end electronic cash system”. The more changes had been done in 2009. The first bitcoin transaction had been successfully done in 2009. Now it is a very popular and trending technology.
According to the Google search, there are three main pillars of Blockchain. They are given below:
When Satoshi Nakamoto launched the End-to-end electronic cash system then computer scientists and cyberpunk decided to launch the decentralization with Blockchain technology. In decentralization there is no need for third-person it is the end to end connection.
It is an important pillar of the blockchain. It is used for privacy and security purpose. The data can be stored in the encrypted form only the account holder decodes the encrypted code and see the passbook of transaction.
It is nothing but update the sending and receiving data on the blockchain. It is very important to maintain the transaction details each and every time. When talking about the blockchain, once the transaction can be done it gets sealed or closed.
Blockchain is maintaining the records of all the transactions. Each and every transaction produces a hashtag. A hash nothing but the thread of numbers and letters. The hashtag is also depended on the previous transaction’s hashtag.
It is very famous and popular technology. It maintains all the records of receiving and sending transactions in a proper way. It provides all types of security and privacy. All data is completely secured and well maintained.