Blockchain Technology’ is one of those technologies which function via the pathway of the relevant and appropriate mode of connection. It’s obvious that this technology has eventually changed the entire working system of finance and banking industries and gradually it’s spreading its feet over a wide range of industries. This technology works with the help of three different components and is known as a specific peer to peer distributed ledger.
• Working of ‘Blockchain Technology’
This technology consists of three major components known as distributive ledger, shared ledger and digital transaction.
1) Shared Ledger
All sorts of transaction are recorded by the team members within the main component of this technology which is known as ‘Shared ledger’.
2) Distributive Network
There are specific nodes which are designed by the decentralized P2P architecture for individual team members and each one of them has the access to keep an identical digital copy for the purpose of record maintenance. Moreover one can also check the certification of digital transactions taking place across the network.
3) Digital Transaction
All sorts of digital input stored in the shared ledger of blockchain technology is classified as a sort of transaction. Moreover for maintaining the security features all the transactions are changed into a block which comprises of immutable cryptographic hash values.
In such a short span of time this technology has taken over the huge range of industry and is significantly termed as one of the most vital pillars of the digital platform. Moreover, as it comes along with versatile features so hereby it’s becoming the prime choice of the business organizations and they’re seen implementing it within their database system too. There’s a huge probability that this technology will surely change the working system in future.