ALL ABOUT BLOCKCHAIN IN WEB 3.0

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Today I am going to discus on blockchain , many of my friends really need this in which some have asked for concise explanation. so I also believe that some people here will add their own value with respect to the topic.

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Blockchain is a ledger that can never be altered and it is use not only for economic transaction but for all other things of value. So it comprises of records called blocks.Each block with its own hash, timestamp and transaction data.

DISCUSSING IT AS A DATABASE

We can get it fully when when considering blockchain as a spreadsheet. Not only maintain by one but spread across a network of computers. I will say a cloned spreadsheets (If allowed to use that clause) in which all are original. The database is not stored in any single location, thus comprises of a functional public information. (a decentralized identity)

comparing MS word and google Doc

If we make use of this two valid and practical examples. The MS word and the Google Doc. If a MS word is shared for an input, its obvious it will be centralized, like lock to the editor, the sender cant see whats going on until all edit is done and the MS word send back for verification and thus their may be error or not and so on. but if a Google doc in being shared to another person, the original person or even many can still view it while editing is on going. So the same like a blockchain, all can view whats happening at the same time.

Disusing on Robustness
Blockchain since 2008 have being in a great condition without any internal issue but external influence due to human greed.
It is like internet that have proven for over 30 years on how durable and robust it is.

The beauty of blockchain and the fear of government is accountability.

VALUE OF BLOCKCHAIN
It checks and balances itself every 10 minutes . Since the blockchain works in agreement , this goes to talk on transparency and incorruptibility of blockchain. For example. using blockchain in voting system makes it impossible for anyone to alter or override the result. It solves problem of manipulation.


LOOKING AT IDEA ON NODES
Blockchain is made up of nodes. They are like computers connected in system "blockchain" which at the other sides being handled by a clients which aids in validating and relaying transactions.
So it is so easy to see nodes as an administrators of blockchian .
The administrators are volunteers, since the network is decentralized. Each administrator battles to win bitcoins . Sometimes they are being referred as miners.

TALKING ABOUT SECURITY
Great security comes into play when there is a need to safeguard a particular thing.
Criminals do attack banks since it is a place where money centralized.
Hackers do attack sites/forms since they assume there must exist username/passwords plus other data.
But talking about blockchain, a decentralized entity, security is assured since data is not held in one location but across networks,
We only need to handle our private key so well by making a printing if the project allows us to have the private keys.

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Finally, blockchain can be of great advantage in the systems like...

• Governance
• File storage
• Smart contrats
• Management of identities
• Data management
• Crowdfunding... etc

Its time to embrace this new life, excellent technology that nullifies corruption, time to accept a blockchain in web 3.0

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