What is Blockchain ?

Blockchain is the database used in cryptocurrency, it is completely different from other database platforms. Database of a company is usually situated in one place and company’s spend millions of money to secure the data from the hackers. These companies will be having a backup of their data in 3-5 locations. When it comes to normal database, hackers can illegally access the data and transfer the data or sell the data for money. But in blockchain it’s quite different. In blockchain everything will be recorded in blocks, these blocks are data batches which use cryptographic validation to link themselves together. Hashing functions is used here, that is each block identifies and links with previous one using hashing functions, hence this chain is unbroken. That’s why it’s called Blockchain.

In blockchain data is not stored in one single computer, it is stored in the different computers and in different locations of the world, here the information is highly encrypted and files are in the form of small blocks. The information stored in blockchain is very safe and secure and even if the hacker changes information of one database then the other backups which are at the different locations will have to agree that this is a legit or valid change in data but it won’t happen and there won’t be any changes because data is stored in different computer and different locations and database wont agree to this change as it isn’t legit. Hence blockchain is very secure to store data.

About the Author

Sheldon Ivish
Sheldon is a Crypto Enthusiast and full-time writer at BeingInvested. He is a B.com graduate with an avid interest in finance and investment management. Attracted to the chaos of trading, Sheldon has invested in BTC, ETH, LTC and XRP for educational purposes.

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