What type of records can be kept in the Blockchain? Is there any restriction on the same?
No, it is not possible to give restriction for keeping records in the blockchain approach. We can put any type of data on a blockchain such as Bank records, health records, images, Facebook messages, etc.
Some of the common types of records which can be kept in the blockchain are:
- Records of medical transactions
- Transaction processing
- Identity management
- Events related to organizations,
- Management activities
- Documentation
How does bitcoin use blockchain?
A transaction is a transfer of value between Bitcoin wallets that gets included in the blockchain. Bitcoin wallets keep a secret piece of data called a private key. The private key is used to sign transactions and provide mathematical proof that they have come from the owner of the wallet.
What is Blockchain?
A Blockchain is a constantly growing ledger(file) that keeps a permanent record of all the transactions that have taken place, in a secure, chronological, and immutable way. It can be used for the secure transfer of money, property, contracts, etc. without requiring a third-party intermediary like bank or government.
Blockchain is the backbone of the most famous cryptocurrency named Bitcoin. It is a peer to peer electronic cash system and a decentralized network which allows users to make transactions directly without the involvement of third-party to manage the exchange of funds.