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The blockchain started to resound in the news and articles after people started getting involved in the bitcoin business. Well to simply put blockchain is a public ledger,a transaction log or a shared ledger.But what is the significance?How does it work?Why is it an important concept in the digital currency?Why is it hailed as the major concept in technology after internet?

Imagine you are playing a game of monopoly.Your currency cards are all torn.During my childhood ,what we did was to keep one of our friends to take note of the amount of money that we transact during the game.So239 he keeps the ledger,and the ledger is public.But the problem arise when the log keeper is partial,he can easily manipulate the amounts written on the paper for the benefit of his friend who is playing.We are busy playing so we simply forget to check if he is doing it right.

Blockchain is ,thus,a growing list of records which is unalterable.How199 is it unalterable?Well blockchain contains essentially three parts.The basic informations like who is date,time and amount of the transaction.The information about who is participating in the transaction.And the main part,a code which distinguishes the block of transaction from other blocks.The last part is important because it is the important feature of blockchain which can prevent double-spend and further manipulation by tech savvy people.The unique code is called hash.It164 is a cryptographic code made by special algorithm.It175 is like a secret word that you can remember only if you combine some... (More)