What is Blockchain?steemCreated with Sketch.

in blockchain •  11 days ago

blockchain-resized.jpg

Record keeping is a process of intense labor and responsibility, whether it is for transactions or contracts. If the number of stakeholders in the transaction or contract is increased, a whole new refinement of the whole record is deemed to be done. Also, there is a huge margin of fraudulent activities involved in this type of record-keeping. The person responsible for jotting down the record can amend it without anyone of the stakeholders knowing about it. So, the potential prospects of the traditional record-keeping had a lot of shortcomings, which have been carried along with, since epochs.

Contracts and transactions are critical to the working of a social, economic and a political system. They define businesses, govern communities, run governments and are crucial to the working of any systematized operation. Thus, their usefulness is formidable but due to lot chances of uncertainties, their authentication becomes a liability and poses many problems.
The Blockchain is a technology which is set to solve this problem by acting as a ledger. It is a very efficient ledger between any two parties and the transaction are recorded in an effective and permanent way through it. Block chain can also undergo automatic transactions if it is programmed in a particular way.

1_3hyWN8UhcrL7P0Opbu7IQg.jpeg

Blockchain can be considered to be an environment in which data can be stored in the form of a digital code and can be shared with other without the fear of amendment, deletion or tempering. To begin, here's the least difficult clarification without any overstatement. “In the language of digital money, a block is a record of new exchanges (that could mean the area of cryptographic money, or restorative information, or voting records). Once each block is finished it makes an addition to the chain, making a chain of blocks: called a Blockchain.

Blockchains are agreement driven. Countless computers are associated with the network, and to lessen the capacity for an assailant to include exchanges to the network, those entering to the Blockchain must contend to answer a mathematical verification. The outcomes are imparted to every other PC on the network. The PCs, or hubs, associated with this network must concede to the answer, henceforth the expression "agreement driven" is given to the Blockchain.

This additionally makes adding or deleting the information from the record decentralized. That is, no single user can take control of the data on the Blockchain. Subsequently, we require not confiding in a solitary element since we depend on assent of the numerous substances. The magnificence of this development is that the exchanges recorded in the chain can be freely distributed and confirmed, to such an extent that anybody can see the data of the Blockchain and check that occasions that were recorded into it occurred in real time.

It is due to the characteristic of being available to all and at the same time being away from access, that Blockchain has gained so much popularity over the short period of time. Most of the businesses are converting their records to the Blockchain and are paving way for their development. The prospects of Blockchain are a lot and we hope to see a future of businesses running merely on Blockchains.

That't it for today, hope everyone gets to read and love it.

Image Credits: Google
Peace&Love
@hananali

i-love10.jpg

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by hananali from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.

well written about the blockchain.

·

Thank you, am glad you liked it

very good post : ) but I still don't understand it all

·

Understanding it will take time I guess but it's worth trying

·
·

yes , your right x

·
·
·

We are newbies to it but we got to learn it, looks like the ultimate future

·
·
·
·

you sound like my other half : ) he knows more about it than me

·
·
·
·
·

Haha he must have a lot of free time like me to invest in a lot of such things which most of us won't bother really :D Even if I try I can not yet understand the things much but it adds something to our knowledge always which isn't a bad thing

·
·
·
·
·
·

I reckon so , I don't think I will ever understand it !

·
·
·
·
·
·
·

Same was the case with me and it still is, there are things which do not really entertain us, we get bored and think we are never learning that

Congratulations @hananali! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

Award for the number of comments received

Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @steemitboard:

SteemitBoard - Witness Update

Support SteemitBoard's project! Vote for its witness and get one more award!

Congratulations @hananali! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

Award for the number of comments received

Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word STOP

Support SteemitBoard's project! Vote for its witness and get one more award!

shoot hananali I missed this one to vote on it, I thought you weren't posting anything right now because you were too busy in school. how are you doing?

·

Am doing good, how about you @janton

Yes sir, very buys with studies and family. How's life treating you?

·
·

howdy back hananali! Very busy with studies I understand. Who is paying for all that schooling?

Congratulations @hananali! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

Award for the number of comments received

Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word STOP

Support SteemitBoard's project! Vote for its witness and get one more award!