{"id":1425,"date":"2023-01-13T11:14:26","date_gmt":"2023-01-13T11:14:26","guid":{"rendered":"http:\/\/localhost\/finfarm\/?page_id=1425"},"modified":"2023-01-14T08:47:29","modified_gmt":"2023-01-14T08:47:29","slug":"bitcoins-blockchain-technology","status":"publish","type":"page","link":"http:\/\/localhost\/finfarm\/bitcoins-blockchain-technology\/","title":{"rendered":"Bitcoin\u2019s Blockchain Technology"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1425\" class=\"elementor elementor-1425\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7fcf450 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7fcf450\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-39d0a5f\" data-id=\"39d0a5f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f6fcac5 elementor-widget elementor-widget-heading\" data-id=\"f6fcac5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.10.0 - 09-01-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">Blockchain Technology Explained!<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a9accb6 elementor-widget elementor-widget-text-editor\" data-id=\"a9accb6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.10.0 - 09-01-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Pres<span style=\"font-size: 16px;\">ume you&#8217;re sendin<\/span><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-1501 alignright\" style=\"font-weight: inherit;\" src=\"http:\/\/localhost\/finfarm\/wp-content\/uploads\/2023\/01\/131325-blockchain.gif\" alt=\"\" width=\"380\" height=\"385\" \/><span style=\"font-size: 16px;\">g money from your bank account to family or friends. You would use online banking to transfer the funds to the other person&#8217;s account number. Your bank updates the transaction records once the transaction is completed. It appears to be straightforward, doesn&#8217;t it? There is a potential problem that most of us overlook.<\/span><\/p><p>These types of transactions are easily tampered with. People who are aware of this truth are often hesitant to use these types of transactions, which has resulted in the evolution of third-party payment applications in recent years. However, it is precise because of this vulnerability that Blockchain technology was developed.<\/p><p>The blockchain is the technology that underlies bitcoin and other cryptocurrencies. It is a decentralized and distributed ledger that records transactions on multiple computers, making it virtually tamper-proof.<\/p><p>The blockchain consists of a series of blocks, each of which contains a list of transactions. When a new transaction is made, it is added to the most recent block in the chain. Each block also contains a unique code called a &#8220;hash&#8221; that links it to the previous block, creating a chain of blocks that cannot be altered.<\/p><p>One of the main benefits of blockchain technology is its ability to secure transactions without the need for a central authority. Because the ledger is decentralized and distributed across multiple computers, it is not controlled by any single entity and cannot be altered by any one person or group. This makes it an attractive option for people who want to transfer value without the need for intermediaries.<\/p><p>The information held in the blocks on the blockchain is encrypted by Bitcoin using the SHA-256 hashing algorithm. Simply explained, a 256-bit hexadecimal integer is used to encrypt transaction data that is stored in a block. All transactional information and details related to blocks before that block are contained in that number.<\/p><p>In addition to being used for bitcoin and other cryptocurrencies, the blockchain has the potential to revolutionize a wide range of industries, from finance and healthcare to supply chain management and voting systems. Its ability to secure and verify transactions makes it a promising technology for a variety of applications.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a9ab93 elementor-widget elementor-widget-heading\" data-id=\"8a9ab93\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Why is Blockchain Popular?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0eb413d elementor-widget elementor-widget-text-editor\" data-id=\"0eb413d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Blockchain is a new technology with various advantages in an increasingly digital world:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9882c88 elementor-widget elementor-widget-heading\" data-id=\"9882c88\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">1. Highly Secure<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-375ea81 elementor-widget elementor-widget-text-editor\" data-id=\"375ea81\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>It employs a digital signature feature to conduct fraud-free transactions, making it impossible for other users to corrupt or change an individual&#8217;s data without a specific digital signature.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4d504f elementor-widget elementor-widget-heading\" data-id=\"a4d504f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">2. Decentralized System<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd4f125 elementor-widget elementor-widget-text-editor\" data-id=\"fd4f125\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Traditionally, transactions require the approval of regulatory authorities such as a government or bank; however, with Blockchain, transactions are done through the mutual consensus of users, resulting in smoother, safer, and faster transactions.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-854e559 elementor-widget elementor-widget-heading\" data-id=\"854e559\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">3. Automation Capability<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-291cfbd elementor-widget elementor-widget-text-editor\" data-id=\"291cfbd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>It is programmable and can automatically generate systematic actions, events, and payments when the trigger criteria are met.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c669c8 elementor-widget elementor-widget-heading\" data-id=\"1c669c8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Types of Blockchain<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d5a1460 elementor-widget elementor-widget-text-editor\" data-id=\"d5a1460\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>It is programmable and can automatically generate systematic actions, events, and payments when the trigger criteria are met.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e41b901 elementor-widget elementor-widget-heading\" data-id=\"e41b901\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">1.\tPrivate Blockchain Networks<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-086b09a elementor-widget elementor-widget-text-editor\" data-id=\"086b09a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>P<span style=\"font-size: 16px;\">rivate<\/span><span style=\"font-size: 16px;\"> blockchains operate on closed networks, a<\/span><span style=\"font-size: 16px;\">nd tend\u00a0<\/span><span style=\"font-size: 16px;\">to work well for private businesses and organizations. Companies can use private blockchains to customize their accessibility and authorization preferences, parameters to the network, and other important security options. Only one authority manages a private blockchain network.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f1b88c elementor-widget elementor-widget-heading\" data-id=\"5f1b88c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">2.\tPublic Blockchain Networks<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-075f27b elementor-widget elementor-widget-text-editor\" data-id=\"075f27b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Bitcoin and other cryptocurrencies originated from public blockchains, which also played a role in popularizing distributed ledger technology (DLT). Public blockchains also help to eliminate certain challenges and issues, such as security flaws and centralization. With DLT, data is distributed across a peer-to-peer network, rather than being stored in a single location. A consensus algorithm is used for verifying information authenticity; proof of stake (PoS) and proof of work (PoW) are two frequently used consensus methods.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd8b308 elementor-widget elementor-widget-heading\" data-id=\"dd8b308\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">3.\tPermissioned Blockchain Networks<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f21cb7 elementor-widget elementor-widget-text-editor\" data-id=\"2f21cb7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Also sometimes known as hybrid blockchains, permissioned blockchain networks are private blockchains that allow special access for authorized individuals. Organizations typically set up these types of blockchains to get the best of both worlds, and it enables better structure when assigning who can participate in the network and in what transactions.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11f55ac elementor-widget elementor-widget-heading\" data-id=\"11f55ac\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">4.\tConsortium Blockchains<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-91f1183 elementor-widget elementor-widget-text-editor\" data-id=\"91f1183\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Similar to permissioned blockchains, consortium blockchains have both public and private components, except multiple organizations will manage a single consortium blockchain network. Although these types of blockchains can initially be more complex to set up, once they are running, they can offer better security. Additionally, consortium blockchains are optimal for collaboration with multiple organizations.<\/p><p><img decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-1571 aligncenter\" src=\"http:\/\/localhost\/finfarm\/wp-content\/uploads\/2023\/01\/Mehak_Agarwal__2_-removebg-preview-300x300.png\" alt=\"\" width=\"300\" height=\"300\" srcset=\"http:\/\/localhost\/finfarm\/wp-content\/uploads\/2023\/01\/Mehak_Agarwal__2_-removebg-preview-300x300.png 300w, http:\/\/localhost\/finfarm\/wp-content\/uploads\/2023\/01\/Mehak_Agarwal__2_-removebg-preview-150x150.png 150w, http:\/\/localhost\/finfarm\/wp-content\/uploads\/2023\/01\/Mehak_Agarwal__2_-removebg-preview.png 500w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Blockchain Technology Explained! Presume you&#8217;re sending money from your bank account to family or friends. You would use online banking to transfer the funds to the other person&#8217;s account number. Your bank updates the transaction records once the transaction is completed. It appears to be straightforward, doesn&#8217;t it? There is a potential problem that most &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"http:\/\/localhost\/finfarm\/bitcoins-blockchain-technology\/\"> <span class=\"screen-reader-text\">Bitcoin\u2019s Blockchain Technology<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"_links":{"self":[{"href":"http:\/\/localhost\/finfarm\/wp-json\/wp\/v2\/pages\/1425"}],"collection":[{"href":"http:\/\/localhost\/finfarm\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/localhost\/finfarm\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/localhost\/finfarm\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/localhost\/finfarm\/wp-json\/wp\/v2\/comments?post=1425"}],"version-history":[{"count":14,"href":"http:\/\/localhost\/finfarm\/wp-json\/wp\/v2\/pages\/1425\/revisions"}],"predecessor-version":[{"id":1583,"href":"http:\/\/localhost\/finfarm\/wp-json\/wp\/v2\/pages\/1425\/revisions\/1583"}],"wp:attachment":[{"href":"http:\/\/localhost\/finfarm\/wp-json\/wp\/v2\/media?parent=1425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}