This is contest participation post to
zero to infinity communitywhere it is suggested to write on 8 updated Technology topic and I have selected blockchain technology and I am writing on it. I hope you'll find it useful.
Blockchain is it a updated technology which is regarding trust to the user's that it is a lot impossible to be hacked. In the modern world we can see a lot of attempt to cheat hack and change the data by many of the hackers and manipulators. So there is a disadvantage of the technology what we are using. By following this concept the blockchain technology is developed so that it cannot be hacked and have gained some trust on its user for its feature. Basically blockchain technology is developed in a such a way which making it impossible for changing hacking and cheating with the data. How it is working and why this is impossible I am explaining in this post.
First of all we need to understand block and chain. In blockchain the data is stored in in several computers throughout the world who are using the network in the form of block. The ledger what is maintaining for storing the data and its transaction, the computers from the whole world are using. As data is stored in the form of laser in different computers of the world then it is is basically impossible to change from the whole computers at a time. A package of data is termed as block and it is distributed throughout the computers and again stored one after one that is making the chain. The more the number of blocks more the length of the chain we can say.
I want to give you an example like you are putting some coins one after one in a jar. You have only access to the topmost coin. And you cannot get the coin which was put at first and that is under all the coin. Similarly in blockchain technology it is not possible to reach to the first most data as it is distributed to the whole networks of the computers throughout the world.
So if any hackers or cheater wants to hack or cheat or change the data they need to to access all the data which is stored in the computers otherwise by hacking some of the computers they cannot make control over the blockchain technology. On the other hand, as each and every seconds or minute blocks are being produced and stored in the chain so you can easily understand the chain is becoming stronger and stronger. And the long the chain is and more the Impossible is to hack the blockchain. This is about similar context I have explained in the example of coin and jar.
If any single block of from any computer is manipulated or changed then it is instantly known to all and recover it as other available computers can store the data in the form of laser. As this is not possible each and every block to manipulate, so this is impossible to tell the data that is making the security of the blockchain. The blockchain like ethereum and bitcoin now you have a number of blocks which is making the chain stronger so it is impossible to hack blockchain like those. Even new blockchains are making blocks each and everyday stronger by adding data day by day in its ledger.
There are some digital currency as you know it as cryptocurrency. This currency is decentralized and they just want to gain trust to the users that it is not printed or developed by the central authority. Any decentralized currency should have some trust features so that mass people can accept it. So for gaining trust of the mass people, cryptocurrency is using the blockchain technology which is making the trust to the users that no one will be able to manipulate this currency as it is blockchain-based. In a financial system it is very much necessary to have the strictness about manipulation because if someone can generate that currency then the price of the currency will be reduced dramatically and it will not be trustworthy. For this reason we can see cryptocurrency is using the blockchain technology.
Except security there are some other features of blockchain technology what I want to mention in brief below-
- A blockchain is programmable ( for example: smart contract)
- Secured (As mentioned above all records are individually encrypted)
- The identity of participants is either Anonymous or pseudonymous.
- Immutable (Any validated records are irreversible and cannot be changed)
- Distributed (All network participants have a copy of the ledger for proper transparency)
- Time-Stamped (A transaction timestamp is recorded in the block)
- Unanimous (All network participants agree to validity of each of the record).
You can learn more from the Article from where i have collected some information.
This Post is Plagiarism Free
This Post is Plagiarism Free
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