BLOCKCHAIN TECHNOLOGY



We are living and leading in the world of world of Internet where’s there is always a threat to privacy and security of the users.
With the advent and advancement of technology , Blockchain has also spread its wings across all domains and spheres of life.                              
The blockchain is a distributed database of records of all transactions or digital event that have been executed and shared among participating parties.
HISTORY:
Blockchain technology has been uncovered and unravelled  when a person or a group of individuals,v.i.z,
Satoshi Nakamoto’ published a white paper on “BitCoin: A peer to peer electronic cash system” in 2008. Blockchain.
Blockchain initially came into light in the year of 1991 when Stuart Halber and W Scott Stornetta described cryptographically secured chain of blocks. It was followed by another instance , when computer scientist Nick Szabo stressed and pressed on the significance of decentralized digital currency.
But the real power of blockchain was realized in the 2008 when  a person or a group of individuals,v.i.z,
Satoshi Nakamoto’ published a white paper on “BitCoin: A peer to peer electronic cash system” in 2008. Blockchain which is by far the largest implementation of Blockchain. And now ,we even have Ethereum which is essentially the second largest implementation of Blockchain after Bitcoin.
PROCESS:
How Blockchain Technology works?
Blockchain technology is an open distributed ledger that can record transactions of two parties securely and efficiently. As it is distributed, Blockchain is typically managed by a peer-to-peer network working simultaneously together to solve complex mathematical problems in order to validate new blocks. Once recorded, the data in any given block cannot be updated retroactively without changing all subsequent blocks, which requires the confirmation of the majority in the network. This is the main reason why blockchain technology is secure and not susceptible to hacking.
Bitcoin and Ethereum are famous examples of it.
Bitcoin is a type of crptocurrency. Bitcoin uses encryption-decryption technique instead of third parties for transaction over the internet.
. Each transaction protects through digital signature.

Distributed Database: There is no Central Server or System which keeps the data of Blockchain. The data is distributed over Millions of Computers around the world which are connected with the Blockchain. This system allows Notarization of Data as it is present on every Node and is publicly verifiable.


A network of nodes: 
Blockchain is like glorified Linked List.
A node is a computer connected to the Blockchain Network. Node gets connected with Blockchain using the client. Client helps in validating and propagates transaction on to the Blockchain. When a computer connects to the Blockchain, a copy of the Blockchain data gets downloaded into the system and the node comes in sync with the latest block of data on Blockchain. The Node connected to the Blockchain which helps in the execution of a Transaction in return for an incentive is called Miners.



BLOCKCHAIN is peer-to-peer thing.


PROBLEM WITH THE CURRENTLY USED SYSTEM
1)      CENTRALISED SERVERS ARE USED:                                                                                                      There's always an opportunity for security threat or breach.
Third party server crystal clearly makes the whole system complex as it involves and revolves around Need to third party for verification and execution of Transaction make the process complex.

2)TIME :
Takes long span of time for transition, particularly for transition across borders.
People have to wait for days together for the process of transaction to be executed.

COST SAVING:
 At the end of the day , money is what changes the game. Blockchain network reduces expenses in several ways. No need for third-party verification. Participants can share assets directly. Intermediaries are reduced. Transaction efforts are minimized as every participant has a copy of shared ledger.




FEATURES OF BLOCKCHAIN TECHNOLOGY

SECURITY:
The most significant demand of the customers is the privacy and security. BLOCKCHAIN networks tightens the security as it works on the principle of Encryption-Decryption and Hashing. Hashing implies each mode consists of a key-value pair and every next node has a key of previous node . Crptography lays another layer of protection for users. So it's way better in terms of safety, security and surveillance.
DISTRIBUTED LEDGERS:
The distributed ledger is shared with every incoming transaction among the nodes connected to the Blockchain and it also gets updated. Distributed ledgers ensures that there is no malicious changes, managership and efficient response to it.

CONSENSUS ALGORITHM:
Essentially , Consensus is  a decision making process for the group of network active on the blockchain network. It becomes really handy when millions and billions of nodes are validating a transaction as it makes a decision quickly.
 All relevant network participants must agree that a transaction is valid. This is achieved through the use of consensus algorithms.
COST SAVING:
 At the end of the day , money is what changes the game. Blockchain network reduces expenses in several ways. No need for third-party verification. Participants can share assets directly. Intermediaries are reduced. Transaction efforts are minimized as every participant has a copy of shared ledger.


DISTRIBUTED DATABASE:
There is a decentralised system in Blockchain which essentially stores all the data. The data is apparently distributed over millions of computer around the world which are connected with BLOCKCHAIN.
That's what BLOCKCHAIN is .it's open to everyone.


I believe its high time that we resort to decentralized systems which will improve productivity ,constructivity and creativity.








Comments

Post a Comment

Popular posts from this blog

HOW TO BECOME A DATA ANALYST

HOW TO BECOME A DATA ANALYST? Data is the new oil of the modern era. In the world of the internet, it's strenuous to keep a vet on  your data privacy. Every organisation crystal clearly relies on the data to make respective business decisions- which new products to develop , customer base , time slot of investment etc. In almost all business firms , the job of the data analyst is to assign a numerical figure to all these significant business decisions which eventually results in the growth of the company.  In the universe of technology, data has all the answers but the fulcrum is hitting the spot question And this is the job of Data Analyst. A data analyst collects, processes and performs statistical analysis on large datasets.  One of the core reasons why everyone is jumping onto the field of data is that they are highly paid. Now let’s focus on the  point of the article!!! Descriptive analytics examines what happened in the past: Monthly revenue, quarterly sales, yearly website t
Read more

ROLE OF ARTIFICIAL INTELLIGENCE IN COVID-19

Image
The adverse effects of the  Corona virus pandemic  have driven the world into a falling pit. A humongous number of people battling with the virus has led to an exponential increase in the data. To manage this plethora of data patterns and its analysis using Big Data, Artificial Intelligence has come into immediate effect to shield humanity. It is possible that with the help of AI and its technology, COVID-19 would be solved at a much faster pace than any other pandemic. AI has been made functional in many fields to combat the pandemic. Disease Monitoring Since the virus is crucial enough to be spread through human contact and migration, it has become imperative that we keep surveillance around the world. An organization called BlueDot in Canada has been successful in tracing and recording the mesh of infected people faster than WHO. This has been made possible by collecting data of an individual along with his/her travel history, medical history, climatic surroundings, etc. th
Read more

FRONTEND

Image
What is front-end development? Front end vs back end The website’s  front end  is everything you see and can interact with using a browser. So, creating this visual part is called front-end development. You could even say that designers creating user interfaces and planning experiences are also front-end developers, as they are working in collaboration on the same part of the project. To create the front end, engineers use the combination of HTML (for basic page structure and content), CSS (for visual editing), and JavaScript (for making websites interactive). The same set of tools is used to create  progressive web apps  –  mobile apps that look and feel like a native one but are created with the use of front-end technologies. There’s more about that in the linked article. On the other hand, the  back end  is everything that happens, well, backstage. It contains servers where your web pages are located and the underlying logic that governs the website’s functions and processes
Read more