The 21st century is all about technology. With the increasing need for modernization in our day-to-day lives, people are hospitable accepting new technologies. From employing a remote for controlling devices to using voice notes for giving commands; modern technology has made space in our regular lives. Technologies like augmented reality and IoT that have gained pace within the past decade. And now there’s a brand new addition to the pack i.e. Blockchain Technology.
The revolutionary technology impacting different industries within the market with its application Bitcoin gradually developed. Bitcoin is nothing but a sort of digital currency (cryptocurrency) which may be employed replacing paper currency for trading. And therefore the underlying Technology behind the success of cryptocurrencies is termed as Blockchain.
There’s a typical misconception among those that Bitcoin and Blockchain are similar. However, That’s not the case. Creating cryptocurrencies is one among the applications of Blockchain Technology. And apart from Bitcoin, there are numerous applications evolving on the idea of the Blockchain Technology.
Blockchain :
Blockchain is termed as an information structure holding transactional records with transparency, and decentralization. You’ll think about it as a sequence of records stored within the styles of blocks controlled by no single authority. A blockchain could be a distributed ledger that’s completely hospitable any and everybody on the network. Once any blockchain stores information, it’s extremely difficult to vary or alter it.
Blockchain technology allows all the network participants to achieve an agreement, commonly referred to as consensus. Further blockchain records all the information digitally. And it incorporates a common history which is accessible for all the network participants. In this way, the probabilities of any fraudulent activity or duplication of transactions eliminate without the requirement of a third-party.
Understanding Blockchain With An Example :
To grasp blockchain better, consider you’re searching to send money to your friend who lives in a different location. A general option that you use will be a bank or via a payment transfer application like PayPal or Paytm. This feature involves third parties to process the transaction. Because of which it deducts an additional amount of money as transferring fee. Moreover, in cases, you can’t make sure of the security of your money. Because it is extremely possible that a hacker might disrupt the network and steal your money. In both cases, it’s the customer who suffers. This is often where Blockchain technology comes in.
Instead of employing a bank for transferring money, if we use blockchain technology, the method becomes much easier and secure. There’s no extra fee involved because you directly process the funds. Thus, eliminating the requirement for a third party. Moreover, the blockchain database does not limit to any single location. It means the knowledge and records kept on the blockchain are public and decentralized. Since the knowledge does not store in a single place, there’s no chance of corruption of the knowledge by any hacker.
Working Of Blockchain Technology :
A Blockchain could be a chain of blocks that contain data or information. Despite discovering earlier, the successful and popular application of the Blockchain Technology came into existence by the year 2009. Satoshi Nakamoto published it. He created the primarily digital cryptocurrency called Bitcoin through the utilization of blockchain technology. Let’s understand how a Blockchain actually works.
Each block in an exceedingly Blockchain Technology network stores some information with the hash of the previous block. A hash could be a unique mathematical code that belongs to a particular block. And if the knowledge inside the block pertains modified, the hash of the block is subject to modification too. While transactions occur on a Blockchain, there are nodes on the network that validate these transactions. Moreover in Bitcoin blockchain, these nodes termed Miners to use the concept of proof-of-work.
So as to process and validate transactions on the network. For a transaction to be valid, each block must confer with the hash of its preceding block. The transaction will occur only when the hash is correct. If a hacker tries to alter any specific block, the hash attached to the block pertains modified.
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