These days there’s a hell of a lot of hype going around the term blockchain, such as blockchain can make the world corruption free, will end the poverty and many more.
But are you aware of the term Blockchain? I can bet you are NOT.
What is blockchain?
Let’s dive into the originality Blockchain. It is a growing list of records, which are linked and secured by using cryptography.
The Blockchain technology tries to make sure provable data immutability by utilizing digital signs and hash functions. The amazing fact is that the Information Technology Act of India introduced digital signs and hash functions way back in the year 2000.
At first, blockchains was introduced when bitcoin came to light. Bitcoin is a peer-to-peer electronic cash system, which is known as the cryptocurrency, which allows people to make instant, anonymous transactions online.
Bitcoin records every single transaction chain made on its network to public record this is called Blockchain.
Do you know that the global blockchain is expected to be worth $20 million in the year 2024!!
Satoshi Nakamoto is the person that launched Bitcoin in 2009, passing majority control to Gavin Anderson in 2010.
How blockchain works??
Blockchain keeps a record of all data exchanges. This record is referred to as a ledger in the cryptocurrency world, and each data exchange is a transaction. Every verified transaction is added to the ledger as a block.
It uses a distributed system to verify each transaction — a peer-to-peer network of nodes. Once signed and verified, the new transaction is added automatically to the blockchain and cannot be modified.
To start, we need to explore the concept of keys.
With a set of cryptographic keys, you get a unique identity. Your keys are the Private Key and Public Key, and together they are joined to give you a digital signature.
Your public key is how others are able to recognize you.
Your private key gives you the ability to digitally sign and allow different actions on behalf of this digital identity when used with your public key.
In the world of cryptocurrency, your wallet address is represented by a public key and your private key let all the transfers, withdrawals and other actions with your digital property.
So if anyone has your private key can use it to access any of your digital assets associated with your public key and do what they want with it!
How often are Blockchains added?
A new blockchain is generated around every ten minutes and then shared throughout the network. This means it’s constantly growing as completed “blocks” are made and added to the public ledger.
There is a countless number of blocks on the blockchain at any one time and as soon as one block gets completed, another is automatically generated.
Blockchain technology executes transactions secure through its requirement that a community of esteemed clients approves each block before it is added to the chain. In effect, it gives seal-tight security.
Working with this emerging technology requires an out-and-out knowledge of security, cryptography, and databases.
What does blockchain bring you?
The blockchain technology is one of the most underestimated technological advancements of our lifetime and is truly that piece which has been missing in compiling the internet all along.
A blockchain offers a single source of information that is totally sheer. If any member that uses the network tries to make a transition to a block, then every other user of that network will be able to see specifically where the change happened and as such are able to find out whether the change was approved or not.
Benefits of Blockchain
- Decentralization of consensus
- Lower costs
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