What Is Blockchain? — ExploitByte

What Is Blockchain? — After all, what is Blockchain. Recently, Bitcoin has been in the headlines for a long time. There has been a lot of hope among people about bitcoin because the price of bitcoin is decreasing day by day.

But do you want to know what is the technology behind Bitcoin? If yes then you will definitely like what this Post Blockchain technology is. Because Bitcoin is related to Blockchain, so you have to know about Blockchain, how it works.

Now the question arises that do you know what is Blockchain Technology? Why is it important to know about it?

Blockchain technology is about to transform our IT industry the way open-source software did a decade ago. And just as Linux has been the core of modern application development for almost a decade, Blockchain is also going to be a great way to share information in the coming times, and which will be low cost and very easy to implement. Can be done between open and private networks.

But there was a lot of hype about Blockchain technology, because they felt that it can completely change our future technology. This thing is also true to a great extent, but speaking like this will not make sense, rather we have to understand Blockchain technology completely, think about its different aspects, somewhere else we can think of it to be better than Mehjuda technology. can speak.

It is true that the pace of adoption of Blockchain is very slow, but technology experts believe that this speed is going to increase gradually in the coming time, which is a good news for us. In future this technology is going to change the whole world.

So today I thought that why not provide complete information about this new Blockchain technology to you people so that you will be able to understand it easily. Then without delay, let’s start and understand:-

What Is BlockChain?

Blockchain is a digital ledger. But do you know what a ledger is? Ledger is a book that maintains such accounts where debits and credits transactions are posted from the book where the original entry is. Or rather say that the entries from the original book are updated in this ledger.

We can say that a blockchain is digitized, decentralized, public ledger.

Understand Blockchain Technology in simple words

Let’s say you have a file of transactions (a “node”) on your computer (a “ledger”). Two government accountants (which we call “miners”) also have the same file in their system (hence they are “distributed”). As soon as you make a transaction, your computer e-mails both of those accountants to inform them.

Every accountant wants to check as soon as possible whether you can afford it or not (and in return they can get their salary which is “Bitcoins” or not).

Whichever of these two checks first and finally validates it and presses “REPLY ALL”, while with this he also attaches his logic to verify that transaction and it is called “Proof of Work”. is called.

If in the meantime, if that second accountant also agrees, then everyone updates their files of transactions….. This whole process or concept is called “Blockchain” technology.

Therefore blockchain is such an incorruptible digital ledger of transactions that is programmed to record virtually everything. All the list of records which are in the blockchain is called “block”. Therefore this blockchain is always a continuously growing list of records which are linked and secured.

Who Invented Blockchain Technology?

Blockchain technology was invented by Satoshi Nakamoto in 2008 so that he can do it in the cryptocurrency bitcoin, according to his public transaction ledger. The main objective of Satoshi Nakamoto behind doing all this was that he wanted to create a decentralized Bitcoin ledger-the blockchain-that gives people the ability to control their money so that no third party, or anyone The government, too, could not access or monitor this money.

Satoshi, the creator of Bitcoin, suddenly disappeared in 2011, leaving behind this open source software that Bitcoin users can use and update and improve.

Many believe that this is not a person named Satoshi Nakamota, it is just a fictional character. By the way, the correct information is not available from anyone about its veracity.

The invention of blockchain for bitcoin is the first digital currency that can solve the double spending problem without the help of any trusted central authority or central server. That is why this Blockchain Technology has also been the inspiration of many other applications.

Why should we know about Blockchain?

There are three main reasons why we should know about Blockchain:

1. There is no need for Blockchain technology to exist publicly. It can also exist privately — where nodes will simply point into a single private network and the Blockchain will act as a distributed ledger.

Financial institutions are under a lot of pressure as they have to demonstrate regulatory compliance and hence many institutions are doing Blockchain implementations. Secure solutions such as Blockchain can become a huge and important building block to reduce compliance costs.

2. Block-chain technology has more reach than finance. It can be applied in any multi-step transaction where traceability and visibility is required. Supply chain is a notable case where Blockchain can be used to manage leverage and to audit sign contracts and product provenance.

Along with this, it can also be used in voting platforms, for titles and deed management. As the digital and physical worlds are converging, the practical applications of Blockchain are also increasing slowly.

3. Exponential and disruptive growth of Blockchain can only come when public and private Blockchains converge together in an ecosystem where firms, customers and suppliers can collaborate together in a secure, auditable and virtual way.

How Secure is Blockchain?

In this way, nothing on the internet is secure. On the other hand, if we talk about Blockchain technology, then it is “unhackable” to a great extent in comparison to the rest of the technology. To do any transaction in Blockchain, all the nodes of the entire network will have to agree, only then that transaction will be valid. Here no single entity can say whether the transaction has taken place or not.

To hack it, you will not have to hack only one system like a bank, but all the systems located in the whole network will have to be hacked, so hacking is not such an easy thing in this technology.

The computing resources of almost all blockchains are tremendous because there is not a single computer here, but there are many computers connected in the network.

Email was for the Internet like Bitcoin was for Blockchain.

In the 1990s, when internet technology (TCP/IP or HTTP) was in its native stages, email was a very large and first major application then. But later new applications like web browsers came. Websites then became very popular.

People then used a lot of chat software such as Skype. If we consider about now, then you can see many different applications running in your mobile, which use the Internet.

Similarly, when blockchain technology came a new time, bitcoin was also the first major major application like email that used this technology. Other cryptocurrencies followed this trend later. Now blockchain technology is used in many applications such as security, online voting etc.

Internet Technology vs Blockchain Technology

If we talk about both technology, then Internet allows computers to exchange information; Whereas Blockchain allows computers to record information.

Both use many computers (nodes).
Let us know something new about the Internet and Blockchain.

The first generation of Digital Revolution brought us the Internet of Information. Whereas the second generation — which is powered by blockchain technology — presented us with the Internet of Value: a new platform that will reshape the world of business and make the old order of human affairs even better.

Blockchain is such a vast, global distributed ledger and database which is running continuously in millions of devices and it is open to anyone, here not only information but anything which has some value like money, titles, deeds, identities , even votes — these can be moved, stored and managed securely and privately.

Here mass collaboration is needed to establish trust and some clever code to implement it, whereas in the old ways, powerful intermediaries such as governments and banks are needed.

That’s why we can say that Blockchain technology is made by us, works for us and we control it, which makes it very secure and reliable.

The main technology behind Blockchain are mainly the three technologies given below.
1. Private Key Cryptography
2. P2P Network (Peer-2-Peer)
3. Program (the blockchain’s protocol)

Why do we need blockchain technology?

Blockchain is such a mechanism that helps all of us to reach their highest degree of accountability. Now there will be no more missed transactions, human and machine errors will be reduced, the consent of any third party or government is not necessary behind all the transactions, but only the trust or secure validation of all the connected nodes matters.

The most critical area where Blockchain helps us and it guarantees the validity of a transaction by recording them, it is not being done in just one main register but the registers of all the distributed systems connected in the network, in all these registers. Transaction will be called valid only after there is secure validation.

What is Public and Private Blockchains and what is the difference between them

Although there are many varieties of Blockchain, but all of them mainly fall in two categories — public or private. Public blockchains allow anyone to view and send transactions as long as they are part of this consensus process.

These are also consortium blockchains, where only certain pre-selected numbers of nodes are authorized to use the ledger. For example, a group of banks and their clearinghouses use blockchain to be a part of trade-clearing, where each node is associated with some step in the verification process.

In private blockchains, in contrast, a distributed ledger puts restrictions in writing to any group of employees who work in that organization. Along with this there are other restrictions in it.

In addition, the blockchain — due to its self-policing security — eliminates a large amount of existing record keeping, which becomes very confusing when multiple parties are involved in the same transaction.

Conclusion

I have full hope that I have told you guys What is Blockchain Technology? And how does this work? Gave complete information about and I hope you people have understood about what is Blockchain?

I request all of you readers that you also share this information in your neighbourhood, relatives, your friends, so that there will be awareness among us and everyone will benefit a lot from it. I need your cooperation so that I can pass more new information to you guys.

It has always been my endeavor that I should always help my readers or readers from all sides, if you people have any doubts of any kind, then you can feel free to ask me. I will definitely try to solve those doubts.

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Originally published at https://exploitbyte.com on August 7, 2021.