Hi all, this is Rajesh There has been astronomical growth in bitcoin's price
and recently it touched $11000 USD So hows does it work? Today we'll be seeing the platform on which bitcoin runs And its called Blockchain You can say that Blockchain is the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto The main idea of blockchain is to have distributed and not centralized database So that it cannot be controlled by a single entity And has no single point of failure Bitcoin uses P2p network for transactions For any transaction to take place, it must be verified by chain of computers called 'Nodes' transaction is added to a block and then it is completed Block in blockchain contains a digital fingerprint known as 'HASH', along with timestamp and the hash from previous block This was it makes a chain So every transaction must be verified by all the "blocks" eventually making it more robust
Now consider this: Bitcoin was invented in 2008 Since that time, the Bitcoin blockchain has operated without significant disruption Well there are various application of Blockchain Technology Blockchain technology is not limited to the financial sector But many other areas too For example, Land title registration Recently Honduras government has put all land records on a public ledger – in the Blockchain The minute there is a change in ownership, it gets recorded publicly Likewise, The Australian Securities Exchange (ASX) announced this year that it would move Australia's equities clearing and settlement system on to blockchain In October 2015, Nasdaq unveiled Linq, a solution enabling private companies to digitally represent share ownership using
Blockchain-based technology Alright guys, that was about Blockchain if you liked this video, please give it a thumbs up, and for more vidoes like this, do subscribe to our channel Thank you!