Friday, June 29, 2018

(Infographic) Bitcoin, Blockchain Technology- ALL You Wanted To Know

A decentralized system, Blockchain technology is a shared distributed ledger, where each transaction is signed digitally to ensure the integrity of the transactions.

blockchain-technology
Blockchain Technology

Bitcoin is based on Blockchain technology. Whenever the transaction begins, a private key is generated from the crypto wallet of the user so that to provide a mathematical proof that the transaction request has indeed come from the owner.

Blockchain consists of sets of a number of hashed blocks. For the occurrence of every transaction, an extra block is added to the Blockchain. The minimum time taken to add an extra block in the Blockchain of the Bitcoin is about 10 minutes. However, sometimes it might vary.

To know much about Bitcoin and its functioning, do have a look at the below-given infographic.

(Note: This infographic first appeared on Bitcoinfy.net and has been re-published with permission. You can check out the original post here.)

bitcoin-blockchain-technology
Bitcoin and Bitcoin Technology 

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