How does blockchain actually work? And It's Advantage For Cryptocurrency

People used to say hive is a decentralized platform and it is based on blockchain technology but i didn't know what is blockchain technology but today when i read a little about it So I came to know what exactly it is and why it is called Decentralised Platform. I would like to share with you as much as I know about this, if I am wrong somewhere, then you can correct me through comments.

Image by Gerd Altmann from Pixabay

Today we will talk about an important aspect of crypto currency, whose name is Blockchain, now we must have understood crypto, but the transactions from crypto are, how they are kept or how they are secured or how it is possible for crypto to be decentralized.
Blockchain is the only answer to all of these

How Blockchain Technology Works

Blockchain is a large fragmented database which is shared on thousands of millions of computers and all these computers are interconnected, although today blockchain is used in many sectors but it has become most popular recently because of crypto currency. Although blockchain came as an experiment in 1991, it started using it in 2009. When Satoshi Nakamoto started bitcoin in 2009, he used the concept of blockchain around bitcoin. For example, suppose you bought or sold bitcoin, then this information was saved in the form of a block. A block will be formed and then all the blocks will be connected in one chain hence its name is Blockchain.

In Circumstantially This blockchain is a chain of blocks that contain information. Each block contains a cryptographic hash of the one before it. This hash, which consists of a string of numbers and letters, is generated for each transaction.. Hash is a connection that allows the input of letters and numbers Converts to an encrypted output of a fixed length. This hash does not only depend on the transaction but also on the previous transaction hash formed in the chain. If even a small change is made in the transaction, then a new hash is created i.e. If any attempt is made to tamper with the data of the blockchain, all its settings are changed and thus the rigging of the record is detected, so it is a secure option, this blockchain is spread on many computers, every computer They have a copy of the blockchain, these computers are called nodes, these nodes check the hash and find out whether there has been any change in the transaction, nor if the transaction is approved by most of the computers, then that transaction is written in the block. Is These nodes form the blockchain's infrastruture. They store, spread and preserve blockchain data. A full node is a computer-like device that holds a full copy of the blockchain's transaction history.
Now how the blockchain keeps the data of all our transactions safe, each block has its own identity like yours and my fingerprint can never be the same, in the same way every block gets a key which is its own and is different Because it is decentralized, then even if there is a problem in any block of this chain, then there will be no difference in the rest of the blocks. It is big and the time to start using it almost everywhere is not far because it has many advantages.

Advantage of Blockchain Technology

1. Because it is distributed and the information stored in it is not kept in one place like a library or government office and no middle man is needed to handle it
2. Blockchain is completely transparent i.e. you and I can access it anytime and keep track of your transactions, thereby reducing the chances of fraud
3. Every information can be traced very easily on the blockchain which means that the oldest transactions can be seen
4. This technology is very fast, it takes a lot of time and effort to make a written record of everything, but if the same information is saved through blockchain then it will be done very easily and very quickly and it is very safe and very All banks have also started using blockchain.

Thanks......