What is blockchain?
Blockchain is a decentralized way of making any transaction in digital platform, a digital ledger technology that stores data and makes its totally impossible for anything changed. Blockchain provides the maximum level of advanced technology that enables us to make transaction without the help of third party interfere.
What is the meaning of blockchain?
Blockchain word consists of two words block and chain. The information is basically started in a block and its pairing with each and every block, finally combining a blockchain.
Who invented blockchain technology?
In 1991 one first time invented blockchain technology by two Berkeley mathematicians Stuart Haber and W. Scott Starnettar with the goal of system where the information is immutable.
Why blockchain consider as is distributed lender technology (DLT)?
Blockchain technology fully fields all the properties of distributed ledger technology that’s why it’s compared with the DLT. Now here is a look at DLT that is programmable, secure, anonymous, distributed, immutable, and timestamp.
Programmable: A blockchain is a programmable technology that uses smart contract technology.
Secure: All records are individually and encrypted has no chance of bias all networks involved with the chain can go through everything visible but have no chance to change anything.
Distributed: All network participants have a copy of the lender for complete transparency.
Immutable: This is so common with our topics technology where validated records are irreversible and cannot be changed and that actually makes the blockchain technology most secure and trustworthy.
Anonymous: All identities of participants in either anonymous or pseudonymous.
Unanimous: Network participants agree to the validity of each of the records.
Time-stamped: The transaction time-stamp is recorded on the block.
How does blockchain work?
- A user request for a new transaction
- A block represents that a new transaction exists
- The transaction is then transmitted to a new nature of peer-to-peer computers skated across the word
- Then the network of all compute solves an equation to confirm the validity of the transaction
- These blocks are chained together creating a history of all processes that are permanent and unchangeable
- The process gets verified and executed.
How does Blockchain make transactions?
Blockchain technology uses the transaction hash in a systematic way. A blockchain bears individual hash and that block receives other blocks expecting hash, actually, the blockchain knows the previous hash. Anything error or mismatch on any block hash the chain directly excluded that error block from the entire chain.
Applications of Blockchain
Here are some of the uses of this :
Blockchain is mostly used in this area. Who doesn’t want higher security for financial transactions? Everyone wants the best security in his financial area. Blockchain technology actually works in this area mostly, it provides you the best security for everything in your financial activities and third parties interfere but your activity is successfully done in a legitimate way. Surely everything of financial activities is processed here in a decentralized way.
Every day we share our personal information with some centralized services company. Where that service provider company can easily go through our personal information. As quickly as possible this should be reduced. No one will happy to share his information with other third-party.
ID card information is such important data that we always keep safe and secure ourselves. Other personal information like ID cards if we use blockchain technology will be secure the best and anyone will not able to track our personal information.
Any important thing like a voting system for any kind of event or activities it is processed by a centralized authority even though there may have some possibility to occur biased activity, for these problems blockchain is one of the best ways of solutions.
The banking sector is the sector where financial activities are happening and which needs to be encrypted. Blockchain works on the decentralized based and will keep all financial transactions encrypted.
Internet of things:
At every step of life, the involvement of social media is increasing day by day. But here is my question, how secure is the data? that we use in social media. That’s why somebody cannot say that my data is safe. For this fear, blockchain technology is the solution. If the social site uses the blockchain it will be able to make us ensure that our data is encrypted.
For its exceptional technology adjustment in blockchain, it is trying hard to resolve all the problems in various sectors of technology. It is totally impossible for any users to exchange information in the blockchain. So securing the real data of our blockchain is very fruitful to use, this is the multiple systems of a decentralized system for rendering security.
The uses of technology in the world are becoming smaller and smaller and we can easily purchase any product from another country. But the problem is with payment methods, sometimes people face to the problem of payment method most of the time transferring currency from one country to another country is very cost-full and time killing, even some the particular country doesn’t support other countries’ local currency so it will face some problems with the payment method of different currency.
Blockchain is that has a solution for reducing that problem, cryptocurrency the part of a blockchain which is measured the same value of different currencies for the same quantity, the transaction time and the fees are very low in a decentralized digital currency payment system (cryptocurrency) also the process of every system is very transparent to the user. Any change and excluding of the history of data are quite impossible this is really a big advantage for the users. every transaction and activity is always safe and sustained.
At times of network connection and mostly density number of transactions at the same time, the speed of transaction becomes slow, increases the fees, for the blockchain transaction per second is limited. One of the key questions is that blockchain technology is decentralized and unable to change if needed, here is another question where is the change or addition added in the block? Where data is actually stored? It’s really a big and panic question for normal users to answer or understand.
10 thoughts on “What is blockchain?”
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