Blockchain technology decoded! – Times of India

Blockchain technology decoded! – Times of India

The technicality and jargon associated with cryptocurrency never stops mystifying users and enthusiasts. Blockchain technology, which is the bedrock of cryptocurrency, is one such concept behind the thriving world of cryptocurrencies. Here, we decode this technology and its various types.
Blockchain technology
First, what is blockchain technology and how does it work? A blockchain is a distributed database that is shared among the nodes of a computer network. It stores information in digital format in what is called a digital ledger. A blockchain collects information clustered in groups, called blocks that hold sets of information. Blocks have certain storage capacities and, when filled, are closed and linked to the previously filled block, forming a chain of data known as blockchain.
Now, a look at the types of blockchains:

  1. Public blockchains

They represent the foundation of most of the cryptocurrencies. Public blockchains are also called permissionless, as anyone can freely join the network without prior permission. They are called public blockchain for the following reasons: