Blockchain Application Development
We are Blockchain Development Company,if you are looking for Blockchain services we are here to give you the best solution.
Our services include SAP Development, Amazon Web Services, Azure, Salesforce, Blockchain development. We have offices at USA, Delhi and Pune.
A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions withoutcentral record keeping.
Working of blockchain
Let us consider a cryptocurrency, As we now know that blockchain consist of records ( blocks ). These records consist the informationof the new transaction ie the location of cryptocurrency,
As soon as each of the record ( block ) is completed It is added to the chain such that the hash pointer has the link to the previous record ( block) forming a secured chain of blocks known
What is Mining?
Cryptocurrencies are encrypted and are really secured. If we want to make any transaction means we are solving a really complex math problem ( ie the logic of algorithm ) the speciality of these it becomes harder as the blockchain grows. Some people try to solve this logic and if successful they get the cryptocurrency for free. This process of extracting cryptocurrency by solving the algorithm is known as mining.
How to access your data from blockchain ?
Let us consider that you own a cryptocurrency. For access you have given a really long password known as a private key. This private key has its address on the blockchain. With the help of this key you can withdraw your cryptocurrency. The most important thing is if you loose this long password / private key you lost all your money
ie there is no option for the recovery of the key. There is one more key given known as public key. This key is basically used to receive the cryptocurrency from other to your
account. In this way with the help of keys you can access the data from blockchain.