Blockchain – What is it?
Blockchain (https://en.wikipedia.org/wiki/Blockchain), one of the latest and is going to be one of the most viral technology in the coming years. Everyone has heard about the bitcoins, bitcoin is also based on the same concept. It is a cutting edge technology greatly advancing and securing life, where it is being used.
Bitcoin was developed in 2008 by a pseudo name. The name can be a person or a community, named Satoshi Nakamoto. And everyone knows that how we use bitcoins these days. The technology behind this is the same.
So what is it? It is a technological concept that can greatly influence the present security of these days into a more secure system. For example, today in general transactions we need a middle man. The middle man is the bank. To the bank, we need to pay certain charges as the service charge. And most of us don’t like this. Most of us like to keep our amount and belongings with us. And don’t want to pay for keeping our own belongings to someone else. So, chain block technology is the best concept for them.
In Blockchain we don’t need a middleman. And we are the one and only owner and responsible for our transactions. Blockchains are the concept we implement mostly in the form of cryptocurrencies. Hence, Blockchains are absolutely going to be a very useful technology.
Why this technology is very useful?
Firstly, we don’t need any middlemen in Blockchains.
Secondly, it enables quick transactions and saves a lot of time. Ascertain international transactions include a larger time duration. Larger time duration to validate the transaction and then finally transfer the amount.
So, we need faster transactions. No matter what type of transaction it is. And also we don’t want decentralization. Because we don’t want our belongings to be controlled by others. Hence, blockchain provides quick transactions as all the process is under our own control.
Blockchains also provides trust. As all the processes are under our own control. And we are able to control all the activities occurring with our transactions. How the blockchains enables greater trusts and security? I will discuss it in the working of Blockchains. Please, scroll down the page!
How it works?
The working of Blockchain is a bit complicated one. Perhaps, that’s the reason it is highly secure. Its structure consists of different blocks. Each block represents the user or the owner. Each block has a ledger. This ledger in simple language, we can call it a personalized database or simply a database. We can also call a ledger as a database with every user. It is available on every machine and no one can change it.
Blockchain uses the concept of hashing. In this, we have different hash keys for different data. We can use different algorithms to generate a single hash key. Examples of algorithms we use are MD5, SHA-256, SHA-512. We cannot have the same hash keys for two different data.
The most important concept in high security is the concept of hash keys. Because, a slight change in the data or a part of data, for which the hash key is. It can lead to the change in the hash key of that data. For example, if the current hash key of your data is ’10ZXABNT0P48927GP’. Then, you change the spelling of one of the words of your data. Finally, this leads to the change of your hash key ultimately and your new hash can be ’28WYZX5897ABNTGP’.
In order to access your data, you need the hash key related to that data. So, if someone tries to modify or change the data then it leads to change in hash keys (leads to inaccessible data). Hence, you come to know that someone has disturbed your data. This way Blockchain ensures security.
Blocks are connected like a chain (same as link list) with the hash keys. Two different blocks are connected to each other by the hash keys.
Blockchain works on distributed computing. It also provides the feature of immutability. Immutability is considered to be the most important, useful and precious features of Blockchain. Nobody is the common meaning of immutability. Blockchain really implies the meaning of immutability as no one can modify or change the data of the blocks in the blockchain. Hacking into the blocks of blockchains is almost impossible.
Now, for those who want to learn the skill of blockchain. You don’t need certain knowledge to learn blockchain. Some of the usual topics in blockchain are Pictography, Distributed computing, Game theory, etc.
In the future, blockchain is going to be a boon. I think you have understood well reading this article. Blockchain technology can be used in government bodies, hospitals, personal identity securing, online transactions, multinational companies, etc.
For more information about blockchain go to this link: https://en.wikipedia.org/wiki/Blockchain