Breaking Down Blockchain

Photo Source Have you ever thought about the Bitcoin, and wondered how it works? Well, Blockchain is the recent technology which can be understood as a transparent ledger system over the Internet which emerged as a decentralized secure network. It controls how cryptocurrencies like Bitcoin, Ethereum etc. work. It also has various applications in other domains like the industrial sector, banking, supply chain management and so on. So, let’s dive in and explore Blockchain. There are three main aspects of blockchain which essentially forms the basic pillars of this technology- Blocks, the Network and Mining . Blocks mainly contain data comprising of information on various transactions, digital signatures and hashes associated with each block. In the crypto-currency domain, data mainly comprises of information on transactions like names of people sending and receiving currency, date and time of transaction etc. Miners create new blocks on the chain through a process called...