What Is Blockchain Technology and How Will It Work?

Have you heard about Blockchain if not then it doesn’t matter, you must have heard about bitcoin, then it will be easy for you to just understand blockchain, because the record keeping technology of bitcoin is called blockchain and it is crypto like bitcoin. Apart from currency, it also deals with other forms of banking and investing.

What is blockchain technology ?

blockchain technology

Blockchain is basically a technique to store information, to store the data in a decentralised manner,

what is Database- A database is a collection of information that is stored electronically on a computer system, in which information and data are set in a table format so that searching and filtering of specific information can be done easily. Spreadsheet is also in table form but database is different from it because spreadsheet is designed for only one person.

While a database can be used by any number of users at once, the purpose of a blockchain is to allow records and distributions to be distributed but not edited, a technology first introduced in 1991 by Stuart Huber and W Scott Scornetta, But Blockchain got its first real world application in the year 2009 with the launch of Bitcoin,

Now it is also known that why it is called Blockchain, then its reason is that it collects information in groups and these groups are also called blocks, Each block has limited capacity, so when a block is filled, it gets connected to the previously filled block. And a chain of data is created, that’s why it is called blockchain, this blockchain is such a blockchain that has information,

How does blockchain work ? (Blockchain SECURE)

Blockchain is a technology in which no one can tamper with the stored data and if anyone tries to tamper, it can be detected immediately, Blockchain is a chain of blocks on which information is stored, each block has a cryptographic hash of the previous block, this hash is generated on every transaction and is a string of numbers and letters,

Hash is a connection that converts the input of letters and numbers to the encapsulated output of a fixed length, this hash does not depend only on the transaction but also on the transaction made before that in the chain,

If even a small change is made in the transaction, then a new hash is created, that is, if there is an attempt to tamper with the data of the database, then all its settings are changed, and in this way the record tampering is done. can be traced, so it is a safe option, This blockchain is sprite on many computers and each computer has a copy of the blockchain, these computers are called nodes,

these nodes check the hash to find out if there is any change in the transaction, if the transaction If most of the nodes are approved, then that transaction is written in the block, These nodes store, spread, and preserve blockchain data. A full node is a computer-like device that has a full copy of the blockchain’s transaction history. This blockchain updates itself every 10 minutes, (Blockchain SECURE)

blockchain technology.

What is blockchain used for ?

Now we know how useful it is for bitcoin. Blockchain for bitcoin is a specific type of database that stores every bitcoin transaction, Sprites the blockchain-in-currency option on a network of computers in cryptocurrencies like bitcoin. By which it is possible to operate these currencies without any central authority.

Risk is also reduced by its use and many processing and transaction bases are also eliminated, The blocks that are there in bitcoin’s blockchain store the data of monitor transactions but in reality the blockchain is Reni-able to store data of other types of transactions,

There are many areas where blockchain can prove useful, and can improve the services of the important sector, For example, if you look at the difference between blockchain and banking, most of the financial institutions have 5 days of week work, that is, if you ask to deposit your check on the remaining two days of the week, then you will have to wait, and if you check in working days also Even if you make a deposit, the transaction can also take a lot of time,

so the transaction process can be completed in 10 minutes through the integrating blockchain in the bank, Fund exchange between banks and institutions can also be done faster through blockchain,

Blockchain can also be used to stop Froude in the voting system. and medical sector,

WHAT IS BLOCKCHAIN USED FOR ?

BLOCKCHAIN TRANSPARENCY;- (What Is Blockchain Technology)

All the transactions on the blockchain are made transparent, they can be seen by node or blockchain explorer, each node has a copy of its previous node so that if any person tamper with any node then the whole system The setting of the key gets changed so that the tamperer can be easily traced where the tampering is done and who has done it,

Before blockchain, exchanges have been hacked where the people holding bitcoins on the exchange have lost everything, but this is not the case on the blockchain because no matter how much the hacker hides when he transfers the bitcoin to him or the bank, it is easy. will be caught, so it’s TRANSPARENC,,

Blockchain TRANSPARENC

Blockchain SECURE ;-

1- Information in the blockchain is stored in the form of blocks and a block is made up of three main things – data, hash, hash of the previous block,
Data is the information you want to store
You can also call a hash as a fingerprint, this is a way to uniquely identify the block, and from the rest of the block, each block has its own fingerprint,(Blockchain SECURE)
And thirdly, every block in any blockchain also stores the fingerprint of its previous block, in this way all the blocks are connected or linked to each other,

If someone wants to change the data of any one block in this chain, then the hash of this block will be changed and this will change the data of the next block as well and the data of the next block will also change and the whole blockchain will be spoiled on this,

block hash

For this reason it is impossible to tamper with the data in the blockchain, if a block is added at some place, it cannot be changed.

2- Second, the reason for its being the biggest secure is its DECENTRALISATION, how do they know,
You will not find any Blockchain in one computer, Blockchain is always present in a network of computers i.e. any person who has participated in this Blockchain has a copy of that Blockchain on their computer,
It is being managed by a network of computers, not by any one central authority.

This is the 2 biggest reason why Blockchain is the most secure so that we can trust Blockchain technology,(What Is Blockchain Technology)

What is the future of blockchain ?

In the coming time we’re moving towards a Decentralised future. it’s mean that many websites and applications on cloud base plateforms soon will be move on blockchain, The future of Blockchain is very bright because in the coming few years most of the sectors will be based on Blockchain because it is the most secure, it is impossible to ever hack it.
Because it is easy to hack any one computer but hacking millions of computers is next impossible for hackers,

It has started being used in many sectors, such as- Health sector, Blockchain can be used to store medical data in the health care sector, so that the medical records of the patient are not stored in any centralized place, a doctor cannot be seen unless needed, so that the patient will get privacy. that data will be more easily accessible,

It can be used for trading as well, There is a plate form called we.trade that is being used by many people. whenever you order something from somewhere. and you don’t much about the supplier and how reliable they are. you’re unsure if they will be able to deliver the goods or not, and the supplier doesn’t much about you either if can pay on time or not, Here, blockchain are used to enter into smart contracts-

contracts that are based on blockchain, because of these contract you wouldn’t trust any third party, once the goods are delivered, money from your account will be transferred to the supplier’s ,

similarly,- Property management, Crowdfunding, and the management of government data, can be done efficiently by using blockchain, NFT,

NEGGATIVE POINTS OF BLOCKCHAIN ;-

1- Blockchain implementation is a costly process.

2- Its hard to integrate into legacy system.

3- Blockchain are sometime inefficient due to how they operate.

4- Blockchain cannot go back as data is immutable, ,,,, etc.

Blockchain Games.(Blockchain SECURE)

A blockchain game (sometimes referred to as an NFT game or a crypto game) is a video game that incorporates cryptography-based blockchain technologies. like. Sandbox. Star atlas,

You can see this page for Full Detail of Blockchain Games,

BLOCKCHAIN PLAT FORM?

Interest in blockchain platform has been growing significantly as a way to streamline supply chains, improve traceability, simplify and improve financial transaction, Blockchain application in supply chain tracking, digital assets and identity management are going beyond the pilot stage,

Top blockchain platform you need to know-

‘Ethereum

‘Multichain

‘Tron

‘Stellar….. , ETC (Blockchain SECURE)

Bitcoin Vs. Blockchain

Stuart Haber and W. Scott Stornetta, two researchers interested in implementing a system that could not alter document timestamps, first proposed the concept of blockchain technology in 1991. But blockchain didn’t have its first practical use until over two decades later, with the introduction of Bitcoin in January 2009.

On a blockchain, the Bitcoin protocol is constructed. Bitcoin’s anonymous founder, Satoshi Nakamoto, described the digital currency as “a new electronic cash system that’s peer-to-peer, with no trusted third party” in a research paper introducing it.

It’s important to note that Bitcoin only utilizes blockchain to record a ledger of payments transparently immutably. In theory, though, could use blockchain to immutably record any number of data points. This could take the shape of transactions, votes in elections, goods inventories, state identifications, deeds to properties, and much more, as was previously said.

In addition to recording transactions, tens of thousands of projects are currently working to utilize blockchain technology in several other ways to benefit society. One such application is a secure voting system for democratic elections. The immutability of blockchain technology makes it much more challenging to conduct fraudulent voting. For instance, a voting process might be designed so that each nation’s citizen receives a single coin or token.

The voters would then deposit their token or cryptocurrency to the address of whatever candidate they wish to support. Each candidate would then be granted a unique wallet address. Blockchain’s transparency and traceability would do away with the necessity for manual vote counting and criminals’ capacity to tamper with actual votes.

Pros and Cons Of Blockchain

Despite its intricacy, blockchain has virtually limitless potential as a decentralized method of record-keeping. Blockchain technology may find applications beyond those mentioned above, ranging from improved user privacy and security to reduced processing costs and fewer mistakes. But there are some drawbacks as well.

Pros

  • increased accuracy due to the absence of human verification
  • Cost savings through the abolition of third-party verification
  • Decentralization makes it more challenging to interfere.
  • The transactions are efficient, confidential, and safe.
  • Open-source technology
  • It gives residents of nations with unstable or weak governments a financial alternative and a way to secure their personal information.

Cons

  • Bitcoin mining has a high technological cost.
  • low transactional speeds
  • Use in illegal operations in the past, such as on the dark web
  • Regulation differs between jurisdictions and is still ambiguous.
  • Storage restrictions for data

What Is A Blockchain In Simple Terms?

A blockchain is essentially a decentralized database or ledger. Each network node has an exact copy of the whole database, and data are stored in data structures called blocks. Since most of the ledger copies do not reflect this modification, attempts to edit or delete an entry in one copy of the ledger will be refused, ensuring security.

How Many Blockchains Are There?

Every day, the number of active blockchains increases at an exponential rate. By 2022, there will be several hundred additional non-cryptocurrency blockchains and more than 10,000 active cryptocurrencies built on blockchain.

What Is a Blockchain Platform?

On top of an already-existing blockchain infrastructure, users and developers can build new applications using a blockchain platform. Ethereum is one instance that contains a built-in coin called ether (ETH). However, the Ethereum blockchain also enables the development of programmable tokens for initial coin offers (ICOs), smart contracts, and non-fungible tokens (NFTs). They are constructed around the Ethereum network’s infrastructure and are protected by nodes.

Who Invented Blockchain?

Stuart Haber and W. Scott Stornetta, two mathematicians interested in implementing a system that could not alter document timestamps, first proposed the concept of blockchain technology in 1991. Cypherpunk Nick Szabo advocated utilizing a blockchain to protect the bit gold digital payment system in the late 1990s (which was never implemented).

The Bottom Line

Blockchain is finally establishing itself, in no little part because of bitcoin and cryptocurrencies, with several real-world uses for the technology now being implemented and researched. Blockchain, a buzzword on everyone’s lips as an investor in the country, promises to reduce intermediaries while increasing accuracy, efficiency, security, and cost-effectiveness in commercial and government activities.

It’s no longer a question of if legacy organizations will adopt blockchain technology—it’s a question of when—as we get ready to enter the third decade of the technology. NFTs are becoming more and more prevalent today, and assets are being tokenized. Blockchain will experience significant expansion during the ensuing decades.

(binance smart chain, cryptokitties, blockchain definition, blockchainmedia)

What is blockchain technology ?

Blockchain is basically a technique to store information, to store the data in a decentralised manner,

What is the future of blockchain ?

In the coming time we’re moving towards a Decentralised future. it’s mean that many websites and applications on cloud base platforms soon will be move on blockchain

How secure is the blockchain?

Information in the blockchain is stored in the form of blocks and a block is made up of three main things – data, hash, hash of the previous block,

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