What is Blockchain Technology?

bymayank mewar •
1

WHAT IS BLOCKCHAIN TECHNOLOGY? Here I will tell you everything you want to know about the most trending Tech topic on Internet which is Blockchain  technology.

What is a blockchain?
As the name suggests , it is a chain of set of  data or set of records which are called the Blocks linked using Cryptography. Blockchain is used to store digital information(block) on servers(chain) safely.
What is Blockchain Technology?


 History of Blockchain Technology

Earlier there was no such technology but there were Hash Trees also called as Merkle Tree. Hash Trees is a type of data structure which was given by Ralph Merkle in 1979. 
Here also the concept was same that there was a series of data records, each connected to one another, but the last record of the chain would contain the entire history of chain. In this way Blockchain was created.

Hash Tree
 Then in 2008, Satoshi Nakamato introduced the concept of distributed blockchain which was very secure and could be managed without the help of a central authority. Hence , in this way  the blockchain we all know today was born.


How does it works?

To understand the working let's assume that you want to buy something online from any of the E-commerce sites.
  • Firstly, you select an item and press the purchase icon.
  • After, making that purchase your transaction must be verified.
  • That transaction you made is stored in a block with all your info.
  • Since there are many people who would have made a purchase when you made the purchase so your transaction block is given a unique code called as Hash. 
  • Once hashed, the block is added to the blockchain. .
Now you might be guessing what's new in this. But when you make a purchase online then it becomes the job of computers to make a secure transaction. There are thousands of computers in the world that checks if the transaction has occurred the way you said so  there is no chance of information leak. They securely obtains all details of purchase like transaction time , transaction amount and details of the person who made the purchase.

Is it secure?

Blockchain technology is one of the most secure technology. Once content is added to a block it is very difficult to alter the content because each block has a unique hash. Hash code are created by using math functions that are later converted into strings. These hash codes changes immediately if the information is edited or changed.
e.g: If some person tries to change the amount you were to pay to someone online, then as the person tries to change the amount the hash will change. However the next block in the chain would still have the old hash, hence that person will have to  update that block each time, but in doing so the hash will change again.


Types of Blockchains

 Blockchain technology has 3 types because a specific blockchain that works on one application might not work on another application.

 Public Blockchain



This technology allows people to contribute data to the ledger with all participants possessing an identical copy of the ledger. This technology is more suitable Bitcoin applications because there is no single owner of the ledger.




Private Blockchain
As the name suggests in this type of  blockchain only invited participants are allowed to join the network. These networks are controlled by a single or a series of designated netwoks administrators. his type of technology is suitable for application that requires simplicity , speed and transparency.

Hybrid Blockchain
This type contains set of permissions, similar to private blockchain but instead of an organisation controlling it, it is controlled by a group of organisations. In this Administrators of each organisation can restrict users to read rights and allows a limited set of people to execute the protocol.







Are there any real world use of this technology?

Blockchain is a secure and a reliable way to store data. They are used in many fields like in Banks, Property exchanges,  supply chains, voting, cryptocurrency.

Banks

Banks use the blockchain technology frequently. With the help of blockchain the transactions which takes days to process are done in just minutes. Blockchains helps the banks to transfer funds between institutions quickly and securely.

Property Details

When someone buys a property he/she have to submit many documents , proofs, registry of property . This process is very time-consuming and costly but blockchain has the potential to eliminate the need of scanning documents and tracking down physical files in local recording offices.

Voting

In order to implement fair voting in a state blockchain technology is used to eliminate fraud voters. Each vote is stored in a block on the blockchain, making it impossible to change. This process maintain transparency in the electoral procedures.

Cryptocurrency

Blockchain allows Bitcoin and other cryptocurrencies to operate without any need of central authority. This process reduces many processing and transaction fees. It gives a stable currency which can be used both domestically as well as internationally.


Online sources to learn Blockchain technology

If you are into computer science and want to learn some new technology which are developing at a high speed then try Blockchain .
below I have given links of some videos as well as online courses where you can master this technology and add it to your portfolio:-




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1 Comments

  1. Anonymous3 March 2022 at 02:18

    Advance Diploma in Blockchain and Cryptocurrency from Decodr Technologies will teach you everything you need to know about cryptocurrencies, best cryptocurrency to invest, investing, mining, and more. Get a better understanding of cryptocurrency and advance your education and career today!

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