What is? Season 1 article1
Index
| Sr. no | Content |
|---|---|
| 1 | What is blockchain? |
| 2 | What is Decentralized and Centralized technology? |
| 3 | How to add blocks in blockchain? |
| 4 | Where can blockchain be used? |
| 5 | What is the future of blockchain? |
What is Blockchain?
This is a new series in which we will answer "What is" at the start. So the first article in this series is about what is blockchain. In recent times, the distributed ledger is in trend because most digital currency/coins are based on Bitcoin, ether, etc. But the existence of blockchain is from 1991. It is a technology developed by a group of scientists in 1991. Then, later in 2009, A guy named Satoshi Nakamoto used the technology and made a Digital coin called Bitcoin.
 |
| Blockchain |
Blockchain is a decentralized type of technology. Blockchain is based on peer-to-peer distribution, which makes technology unchangeable. Blockchain is basically a chain of blocks containing data, Hash and Hash of the previous number. Hash in unique number given to data. Every time you change the data of the block, the hash changes by which the chain broke. The chain broke because every block contains the previous block's hash to make the chain. Every copy of Blockchain contains by involved devices is encrypted. Which resolves the issue of privacy.
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| Blockchain |
What is Decentralized and Centralized technology?
In centralized technology, the data is contained by a single entity. For example, most of the things near us are centralized, such as physical currency, social media, etc. In this type, the data is not immutable, so it is not the safe one.
In decentralized technology, the data is equally distributed in every connected device. The work s moving toward this type of technology because it is far more safe and trustable. Examples are digital coins.
How to add blocks in blockchain?
Let's take, for example, a transaction as a block that you want to add to a blockchain. So, in addition to the block, you have to inform all devices about the block connected to the chain. And if all devices agree on that, then only your block is connected to the public ledger. It is tough to make agree everyone does. There is a rule called consensus rule/algorithm. In bitcoin, this is known as proof of work.
Where can blockchain be used?
In physical currency, government guarantees us to pay the due amount. Blockchain is helpful technology that can be used in many places like Banks, healthcare, trading, crowdfunding, government data, elections, etc. In healthcare, the data of patients and medicine can be managed using a ledger. In a blockchain, there is the smart contract. In the case of low reliability, this can be used.
What is the future of blockchain?
All applications like social media, health, finance, etc., are mostly based on the Cloud system. But, shortly, all the applications will shift to Blockchain-based. Because most users will be aware of blockchain, which will lead to privacy issues, and to solve that, Blockchain can be used. Thus, blockchain can revolutionize the whole industry.
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