Blockchain Technology

The blockchain is quite an imaginative invention, it is said imaginative because it was invented out of the just thin air and is also known as the brainchild of Satoshi Nakamoto, the person who is known to solve the problem of double spending. He was the person to create the database for the first blockchain. Blockchain can be described as an open ledger which allows digital information regarding each and every purchase of people who are connected to it, be public, by the public it is meant to be distributed in the system and not just copied to the books of each and every user. We can say that the blockchain technology is corruption free because of the fact that the data in the chain if changed once, to be valid will have to be changed in each and every block, due to which, if changed in one and not in another because as said earlier, the data is not copied but distributed, it could be clearly detected where the fault actually is and if some data breach was there due to the fault or not. The conventional use of blockchain wasn’t designed just for the digital currency or crypto-currency which is also known as Bitcoin but other potential and much important uses of blockchain haven’t started to come up because the society is still not able to trust this bitcoin because of the fact that it is not backed up by any government or in that case any such organisation and nobody controls how many bitcoins can be produced or how many more can be produced or even what is the current value of bitcoin, as in the case of paper money which is real money which one can hold and the money that is backed up by the state’s and the country’s gold reserves. On the other hand, the bitcoin is known as the digital gold and there are some very good reasons that Bitcoin is known as digital gold because the estimated total value of all the bitcoins present in the globe is just above 9 billion USD. The information stored in the blockchain is in the form of data sheets that are continuously copied and shared all across the globe, just like the accounts department in each and every organization used to have ledgers, to each and every person who wants to see it and compile it in their own way. For an example, let’s suppose that you did a transaction of .5 bitcoin by transferring it to someone else’s account, now this transaction will be updated in the data sheets of each and every person’s individual sheet, so in a way we see blockchain to be an independent and global ledger that is free for anyone to see, observe and check. When it is updated globally even after the smallest of the transaction is makes itself transparent enough to be called corruption free. The basic characteristic of bitcoin blockchain is that it has no single point for failure which we can even call a centralised database and due to this very reason, it has been error free from the computing and the conceptual side since the day it started in 2008.The basic thing that made blockchain so famous is its transparency towards its users and people all across the world.

The basic building cell of a blockchain is known as a node which contains chains of data that form certain combinations and all these help in making a complex function which is the basic reason why it is really difficult to hack into a blockchain, almost impossible. The blockchain could be used to keep a record of a variety of things like a contract, or an agreement or to check the stock prices because once it has been formed, it is there and it will stay there. The basic idea is to decentralise the whole database and not make it about just one, because if it is just one database, it could be entered and the data inside it could be changed and that would be termed as corruption but if it does not have a specific centre which has all the database but there are different points that contain the same data and are interconnected to each other than if one of them is forcefully entered, the others would know that there is a problem somewhere and it would be detected easily. Now with the technology so fast that the digital code inside each and every node could be hacked within a few milliseconds so to prevent such a mass hacking which would change the course of the blockchain, there has been set a time gap for 10 minutes so that even if one of them is changed, by the time the hacker moves to the next block, it would have been detected and corrected by then.

The problem with the whole of the Internet is that they rely on just a set of username and passwords for the security of their critical documents or data whereas here in a blockchain, there are set of two keys one is personal that only the user knows and the other is public that all the other people who have the access to the database know. We can describe blockchain as an exceptional accounts service to the normal people, this is so because there won’t be any missed calculations and the human error will be easily removed because as soon as there is an error, the calculations of different systems won’t match and this would result into an anomaly which can be solved within minutes. The best feature of blockchain is that it helps to check if any transaction is valid or not because it is recorded on each and every register that is connected to the big and open database which we call as the decentralized database. This is the basic reason why we can call blockchain as the open ledger for all the community that wants to access it and make the best use of this technology. The blockchain is a ground-breaking internet technology and money is just one of the many applications.

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