What Is Blockchain [FULLY EXPLAINED]

Are you familiar with the word blockchain? Do you transfer money worldwide using e-wallet. If yes, Then you must know what is blockchain. Today here we will know detail about blockchain. It's merit, demerits, use and all other important information briefly related blockchain.

BLOCKCHAIN - It’s a technology that is used for transfer currency. Here bitcoin is used as currency. it keeps all the details about sender and receiver. This method is used to transfer money from one country to a another as it has low convenient rate. This is only the basic understanding of what is blockchain ?

A brief description to understand well about BLOCKCHAIN

If this technology is therefore complicated, why do we call it “blockchain?” As its most elementary level, blockchain is virtually simply a series of blocks, however not within the ancient sense of these words. When we say the words “block” and “chain” during this context, we tend to are literally talking concerning digital data (the “block”) keep in an exceedingly public information (the “chain”).
Blockchain can be classified into three parts for better understanding three parts:

1. Blocks store data concerning transactions, say the date, time, and dollar amount of your most recent purchase from Amazon. (NOTE: This Amazon example is for illustrative purpose, Amazon retail doesn't work on a blockchain principle)
2. Blocks store data concerning United Nations agency is taking part in transactions. A block for your xyz order from Amazon would note your name along with Amazon.com, Inc. Instead of mistreatment your actual name, your purchase is recorded with none distinctive data employing a distinctive “digital signature,” sort of like a username.
3. Blocks store data that distinguishes them from different blocks. Much like you and that i have names to tell apart America from each other, every block stores a singular code referred to as a “hash” that enables America to inform it apart from every other block. Let’s say you purchased a xyz product on Amazon, but while it’s in transit, you decide you just can’t resist and need a second one. Even though the main points of your new dealings would look nearly similar to your earlier purchase, we are able to still tell the blocks apart attributable to their distinctive codes.

As the block is an example for above mentioned purchase from Amazon. The reality is somehow different. A single block canreally store up to one MB of information. Depending on the scale of the transactions, which means one block will house many thousand transactions underneath one roof. I hope, now you have the complete detail understanding.

History of Blockchain

The first cryptographically secured chain of blocks was discovered in 1991 by Stuart Haber and W. Scott Stornetta. The first blockchain was concepted by Satoshi Nakamoto in 2008.

How to use blockchain technology?

1. Sign into it with private key.
2. Initiate a transaction to a another member of blockchain network.
3. It is validated by the nodes of users.
4. If it is confirmed then the transaction become successful.
5. After successful transaction it becomes the part of the ledger.

Is blockchain secure?

Definitely it's a secure technology and and it has a great future. The below mentioned points proves its security level.

1. It doesn't store its data in a single computer. So it's very difficult to hack blockchain technology because to hack this one need to hack lacs of computer at a time, which is not possible.
2. Here the approval of users of a blockchain node is required. It ensures its security.
3. All the data are stored in a chain and clearly visible to all. So there is very low chances of its hack.

Future Application of blockchain

• Smart contracts - Automatic payments at many fields.
• The sharing economy - Direct payment without any third party or middle man.
• Crowdfunding - It's also used to raise funding because it's easiest way to keep records through chain.
• Governance - It can be openly used in public sectors.
• Supply chain auditing - There is very low risk of corruption and easy to market.
• Prediction market - Trade friendly and based on market auction theory.
• Protection of intellectual property etc..

Besides these it can be used in lots of field.

This was all about blockchain. Hope you got about blockchain. If have any query, You can comment below, I will try to response you as soon as possible.

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