1. What is Blockchain?
A blockchain is a group of documents or an online database that resembles a spreadsheet. In contrast to a standard spreadsheet, a blockchain may contain far larger amounts of data, such as records of cryptocurrency transactions, organized into “blocks” or groups.
A “distributed ledger” or several computers are used to distribute these blocks. Each block is “chained” to a previously filled block after it exceeds its storage limit, at which point a new block is used.
Digital currency known as cryptocurrency has a market value similar to other currencies. Like gold, cryptocurrencies can also be employed as a store of value. The first cryptocurrency and forerunner of blockchain technology was Bitcoin.
Later, several cryptocurrencies developed their own blockchains, including Ether (known as Ethereum).
The difference between blockchain and Bitcoin
Data storage using blockchain is a technique used in decentralized networks. Like the US dollar, cryptocurrency serves as a medium of exchange. Beyond cryptocurrency transaction records, a blockchain can be used to store various other sorts of data.
Each and every cryptocurrency has a monetary worth. You’ve probably heard about Bitcoin reaching a high of $65,000 (equivalent to 48 lakh rupees) or Ether reaching a high of $4,000. (about 3 lac rupees). A blockchain is not worth anything financially.
Beyond cryptocurrencies, blockchain technology has other applications. Blockchain can be used to track transactions in the healthcare, retail, supply chain, and financial industries. Cryptocurrency is a form of virtual cash that may be invested in as well as utilized to purchase products and services.
The use of blockchain technology is global and decentralized. All of a blockchain’s records are not kept in a single place. Despite being stored in blockchains, cryptocurrency can be accessed through mobile wallets. If you have a bitcoin wallet, you can use it wherever merchants who accept bitcoins are located.
Being a public ledger, blockchain offers a great level of transparency. Anyone can sign up for a blockchain network and access the data there. Cryptocurrencies, on the other hand, provide anonymity. Because of this, no one can tell who is behind a bitcoin transaction, even though anyone can see its source and destination.
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