What is Blockchain and how does it work?
By Bhagya
After all what is Blockchain. Most recently Bitcoin has been in the limelight for a long time. There is a lot of hope for people in Bitcoin because the cost of bitcoin is increasing day by day. But do you want to know what is the technology behind Bitcoin? If yes then you will like this post blockchain technology. Why Bitcoin's relation is with Blockchain, so you have to know about Blockchain, how it works. Now the question arises, do you know what Blockchain Technology is? Why is it important to know about it?
Blockcon technology is going to change our IT industry in the way that open-source software did a decade ago. And just as Linux has been the core of modern application development for nearly a decade, the same way that Blockchain is going to be a very good resource in the coming time, to share information, and which will cost less and implement it easily. Can be between open and private networks But there was a lot of hype in people about Blockchain Technology, because they thought it could completely change the technology of our future. This thing is quite true, but by saying such things, it will not be understood, but we have to fully understand Blockchain Technology, we have to think on different aspects of it, going back somewhere, we will be better than Mehjuda Technology Can speak.
It is true that the speed of adopting Blockchain is very dangerous, but technology experts believe that in the coming time this speed is going to be gradually faster, which is a good news for us. In the future, this technology is going to change the entire world. So today I thought why you should give people full information about this new Blockchain technology so that you will be able to understand it. Then let's start without delay ......
Blockchain is a digital accountant. But do you know what Ledger is? Ledger is a book that keeps such a account where debits and credits transactions post are from the book where the original entries are. Or say that the entry from the original book is updated in this accounter.
We can say that a blockchain is digitized, decentralized, public ledger.
Understand Blockchain Technology in Easy Terms
Suppose you have a file of transactions (a "node") in your computer (a "banner"). Two government accountants (whom we call "miners") have the same file in their system (hence they are "distributed"). As soon as you do a transaction, your computer e-mails them to both the accountant to inform them.
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Every accountant wants to check first as soon as possible whether or not you can afford it (and in return, they can get "Bitcoins" of their salary or not). Whichever of these both checks first and finally validates it and presses "REPLY ALL", then with it, it also attachs its logic to verify that transaction and it is called "Proof of Work" Is called. If this is the same intermediate if the second accountant is also agreed, then all their files of transactions are updated ... .. This entire process or concept is called "Blockchain" technology.
Therefore, blockchain is an incorruptible digital accounter of transactions that is programmed to virtually record all the things. All the list of records which are in the blockchain are called "block". Therefore, these blockchains are always continuously growing list of records which are linked and secured.
Who invented Blockchain Technology?
Blockchain Technology was invented by Satoshi Nakamoto in 2008 in order to make it cryptocurrency bitcoin according to its public transaction accounter. The main objective of Satoshi Nakamoto, behind all this, was that he wanted to make a decentralized Bitcoin ledger-the blockchain- which gives people the ability to control their money so that no third party, or anyone The government could not even access or monetize these money.
The creator of Bitcoin, which is Satoshi, suddenly disappears in 2011, and leave behind this open source software, which Bitcoin users use and update and improve it. Many believe that this person is not a person named Satoshi Nakamota. This is just a fantasy character. Well, the correct information is not available to anyone over its authenticity.
Blockchain's invention for Bitcoin is one of the first digital currency that can solve double spending problem without the help of a trusted central authority or central server.
Therefore, 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:
There is no need to publicly block Blockchain technology. It can also exist privately - where nodes will simply simply point out in one of the private networks and Blockchain will act as a distributed accounter. Financial institutions are in very high pressure because they have to demonstrate regulatory compliance and hence many organizations are implementing Blockchain. Secure solutions such as Blockchain can become a huge and important building block to reduce compliance costs.
Block-chain technology has more access than finance. It can be applied to any multi-step transaction where traceability and visibility are required. Supply chain is such a notable case where Blockchain can be used to manage the leverage and audit sign contracts and product provenance. It can also be used for voting platforms, for titles and deed management. As digital and physical worlds are becoming converge, the practical applications of Blockchain are also increasing gradually.
Exponential and disruptive growth of Blockchain can occur only when public and private Blockchains converge simultaneously (in an ecosystem) where companies, customers and suppliers can collaborate together in a secure, auditable and virtual way.
Blockchain technology applications in the following areas in the future:
Smart contracts - Any industry, if they depend heavily on contracts, such as insurance, financial institutions, real estate, construction, entertainment, and law, those industries will be benefited by this technology. Because with the help of this technology you can update, manage, track and secure all your contracts without any dispute. Smart contracts, those that are embedded with if / then statements and do not require intermediary party involvement to execute.
Supply chain management - Whenever a value changes or status of an asset changes, then Blockchain is a very great option for managing this process.
Asset protection - Whether you are a musician who wants to get the royalties of your song properly or you are a property owner, if you want protection of your property then blockchain technology can be of great help to your real-time By making an indisputable record of ownership
Personal Identification - Governments often manage many amounts of data such as personal data from birth to death records, marriage certificates, passports and census data etc. Blockchain technology can easily manage all these data according to the streamlined solution and securely store them.
Payment processing - This is the specialty of Blockchain that it can handle the payment processing of any major company easily. These can completely eliminate the need for intermediaries, which we often see in payment processing.
Crowdfunding - Compared to traditional crowdfunding, a blockchain powered crowdfunding campaign has more secure investment than a interested community for a new project. But in such an instance, funding will be mainly in the shape of bitcoin or other cryptocurrencies.
Real-life Applications of Blockchain Technology
Now you guys have understood the basic concept of this technology, so let us now know where they are used in real-life applications.
Follow My Vote: It wants to change the way we vote and wants to be the first open-source online voting solution in the world.
Arcade City: - This is a true decentralized ridesharing service, also known as 'Uber Killer'.
ShoCard: - This stores your identity in Bitcoin's blockchain so that your easy verification can be done.
Symbiont: - This provides better smart securities in Blockchain.
Bitnation: It is a "Governance 2.0" initiative that wants to establish DoItYourself governance by working with a collaborative platform.
ChainLink: By using blockchain technology, verify and validates the title of authenticity and real-world items.
What is public and private blockchains and what is the difference between them.......
Although Blockchain has many varieties, most often all come in two categories - public or private. Public blockchains give opportunity to anyone to see and send transactions until they are part of this consensus process. These are also consortium blockchains, where only some pre-selected number of nodes have been authorized to use the ledger. For example, a group of banks and their clearinghouse use blockchain as a part of trade-clearing, where each node is associated with some step in the verification process.
In private blockchains, on the contrary, restriction in writing in a distributed accounter puts any group of employees who work in that organization. With it there are even more restrictions.
Due to its self-policing security in blockchain - it eleminate maintains a large amount of activity, which would have become very confusing when multiple parties were involved in the same transaction.
Blockchain Technology - Its opportunities and advantages
This blockchain is our smart devices...
Blockchain Technology - Its opportunities and advantages
This blockchain helps our smart devices communicate with each other so that they can communicate better.
Blockchain resolves the problem of manipulation. This brings all the things to the highest degree of accountability level.
Makes online identity and reputation decentralized So that we can own our own data automatically.
Cryptocurrencies divide the capacities of the government to control the value of currencies in the general public, so that no one will even hand over the value of the currencies.
In an informal economy blockchain prevents us from the middleman, so that the asset can be easily and freely exchange.
With the help of Blockchain technology, many issues related to freedom, jurisdiction, censorship, and regulation can be addressed in a fair and smooth manner.
Blockchain-based systems are no longer required to keep more intermediaries but can be easily taken care of with record and transfer of assets. Thereby increasing the transaction speed.
Data that is entered once they become immutable in the blockchain, which can no longer be changed in any way, so that the situation of fraud becomes very much reduced. Apart from this, transactions are very clear which can be easily investigated and audited later.
Blockchain Technology - Its Criticisms and Challenges
Well, the chances of Blockchain Technology are many advantages, but still there are some drawbacks to which they are known.
Need for much power: The operation of these blockchain requires a lot of computing power, so that the need for electricity is very high. If we look at the situation of today's climate change, it is not so easy in favor of any developing country, because there are many needs of their own. Therefore, it is only right for developed nations.
Security of private key: These private keys should always be kept secret because if the third parties are aware about them, then it is such a thing that you have given control of all your bitcoin in their hands. Apart from this, the private key should be protected and protected by accidental loss, because if it is lost once, no one can recover these funds and they will be lost forever.
Transaction speed: Transaction speed can also be a problem. Because we know that verifying the blocks in the chain is very important from the distributed network and it takes a lot of time to do this.
My opinion about Blockchain
Blockchain can be a very important part of our financial and technological digital future. This 'blockchain' technology, which lies behind bitcoin, has so far proved to be how big the technology is and it has the potential to create a new world of technology. It's a big thing in itself like internet itself. This is a wave of innovation that can keep the general public like us away from these financial complexities. With this, it can liberate us to exchange goods and services with anyone in the world, so that we will not have to go through these corporate intermediaries.
It can radically decentralize our entire society and can also save us from banks, governments, even companies and politicians. This itself can bring a very big digital revolution. We just need to understand this and need to explain it to others.
The future of Blockchain
So far, you have come to understand that what is the usefulness of Blockchain and how it can be done in all our works. This information has changed the way we think about how and where information can be stored, who can access this information and what can we do about this information. The main reason is that some organizations are against it, as how blockchain organizes information and how to maintain our record-keeping infrastructure, it goes to the heart of these things. It is clear from this that people will not accept Blocakchain Technology so easily and this is not going to come overnight because it challenges traditional technology at every step.
The same case we had seen in TCP / IP, which was initially criticized, but later it took about 30 years to implement it, but finally everyone understood its meaning. In the same way, the world is taking time to understand Blockchain now, but in some years it will be adopted.
I hope I have Blockchain Technology for you guys? And how does this work? And I hope you guys have understood about Blockchain Technology (Hindi). I am convinced of all the readers that you too share this information with your neighbors, relatives, your friends, so that we will be aware of our interactions and will all benefit from it. I need people's support from you so that I can bring you even more new information.
My always try is to do that I always help my readers or readers on every side, if you have any doubt of any kind, then you can ask me uncomfortable. I will definitely try to solve those Doubts.
What is blockchain technology and how does it work with my effort? Let us know by writing a comment, so that we too can get a chance to learn something from your thoughts and improve something. In order to show your happiness and excitement towards my post, please feel free to comments below.
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