Blockchain App Development Company in andorra

What is Blockchain?

If we explain it in the simplest terms, a blockchain is a growing list of immutable records, i.e, a block, managed by clusters of computers not owned by a single entity. Each of these blocks of data (i.e, block) are linked to each other using cryptographic principles (i.e, chain). Blockchain network has no central authority or it is the definition of a very democratized system.

It is known for its distributed network i.e, Shared and Immutable ledger. The information in it is open for all and anyone can see & use it. Hence, everything that is built on the blockchain is transparent by nature. In Blockchain, passing the information from A to B in an ingenious way that too in a fully automated and safe manner.

Suppose party A initiates the transaction by creating a block, this block is verified by thousands, perhaps millions of computers all around the world. Then the verified block, which is stored across the internet, is added to a chain, creating not just a unique record, but a unique record with a unique history. Falsifying the single record means falsifying the entire chain.

The three main pillars of Blockchain are

Decentralization

Before this era of Bitcoin and Cryptocurrency, we were used to a centralized system i.e, where all the data is stored in a single place. Before it came, we always used to finish our work in a centralized way. We can take a perfect example of the Client-Server model for the understanding of the centralized system. When you do google something, you send a request or query to the centralized system, it responds to you by giving information regarding that. This is a simple client-server model. In the Decentralization system, everyone has their own information.

Transaction

It is always being a hot topic of blockchain technology, “Transparency”. Most people have the misconception that it does not have transparency. In this, each person's identity is hidden via complex cryptography. They will be represented by their public address.
For instance, Bob sent 1 BTC to Tia, it will not show like “Bob sent 1 BTC” instead you will see “ 1JdkvbiY6Lam1Hd1jgD sent 1 BTC”. This kind of transparency Blockchain Technology provides us.

Immutability

It means that something that has been entered into the Blockchain, cannot be hampered by anyone.