A Blockchain is a distributed, decentralized, public ledger. It seems complicated, but its core concept is really quite simple. Collects information together in groups, also known as blocks, that hold sets of information. It is a type of database. A database is a collection of information that is stored electronically on a computer system. It is not stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt.
Can we trust Blockchain ?
Blockchain technology accounts for the issues of security and trust in several ways. Each node has a full record of the data that has been stored on the blockchain since its inception. No one node within the network can alter information held within it.
Is Blockchain Secure?
After a block has been added to the end of the blockchain, it is very difficult to go back and alter the contents of the block. That’s because each block contains its own hash, along with the hash of the block before it. Hash codes are created by a math function that turns digital information into a string of numbers and letters. If that information is edited in any way, the hash code changes as well.
What is Hash Code ?
- In simple terms, hash code means taking an input string of any length and giving out an output of a fixed length. The fixed-length output is called an equivalent hash function.
Advantages of Blockchain
Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers.
2) Secure Transactions
Once a transaction is recorded, its authenticity must be verified by the blockchain network. Thousands or even millions of computers on the blockchain rush to confirm that the details of the purchase are correct. After a computer has validated the transaction, it is added to the blockchain in the form of a block.
3) Accuracy of the Chain
Transactions on the blockchain network are approved by a network of thousands or millions of computers. This removes almost all human involvement in the verification process, resulting in less human error and a more accurate record of information.
4) Private Transactions
Many blockchain networks operate as public databases, meaning that anyone with an internet connection can view a list of the network’s transaction history. Although users can access details about transactions, they cannot access identifying information about the users making those transactions.
Photo source : 101 Blockchains
- A smart contract is a computer code that can be built into the blockchain to facilitate, verify, or negotiate a contract agreement.
- A key feature of smart contracts is that they do not need a trusted third party.
BIG INDUSTRIES BLOCK CHAIN COULD TRANSFORM
- MESSAGING APPS
- RIDE SHARING
- INTERNET ADVERTISING
- CRYPTO EXCHANGES
- EDUCATION AND ACADEMICS
- CLOUD STORAGE
- STOCK TRADING
- SUPPLY CHAIN MANAGEMENT
- GOVERNMENT AND PUBLIC RECORDS
- CROWD FUNDING
- WASTE MANAGEMENT
- AIR TRAVEL
- VIDEO STREAMING
- PUBLIC ASSISTANCE
- SPORTS MANAGEMENT
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