The finale piece of the puzzle to fully understand the mechanics’ underlying Bitcoin, is digital signatures, which are based on public-key cryptography. The digital signatures provide an easy way for nodes to identify accounts and authorize transactions.
Month: September 2020
Mining is how new bitcoins are generated, and while the use of hash functions makes any changes to the blockchain visible in the network, the mining process is what makes data on the blockchain infeasible to tamper with.
Bitcoin uses the SHA-256 cryptographic hash algorithm that was created by the US National Security Agency in 2001 to encrypt information and keep it secure. Understand how it works in this post.
Blockchain technology has been praised as one of the greatest inventions of our time right next to electricity, radio, and the internet. The technology has the potential to transform nearly all sectors, industries, and businesses.