Steemit Crypto Academy Contest / S8W1 - The Importance Of Blockchain Technology

Blockchain is the most immersing technology.It records the transactions into the blocks that stores the transactions and get the fees in return.In this era the technology is progressing day by day hence the blockchain is also coming up with the new updated features. It is widely used in every field.

Blockchain technology is developing and progressing day by day. It's usage in different fields are very vast. But still there are also some issues that creating the hindrance in the implementation of blockchain Technology world-wide.By addressing these issues we will be able to implement it in more better way.So Some major issues in the implementation are following.

As we know that blockchain is the decentralized technology and there is no involvement of third party. There is also the risks that the hackers hack the data from our personal side so there will be no chance to retrieve th data because no third party is involved in the transaction and data storage .

So there are the security issues and the chances of the cyber and melacious attacks.

Blockchain Technology is very vast there are a lot of transactions proceeded at a time.There are nodes that approved the transaction as there are a lot of nodes working at a time so there is large usage of energy occurs.

It will become difficult for some time to make process on the multiple and large data .So due to this high consumption process it becomes difficult to implement the blockchain technology. There are sometimes the low energy resources that did not fulfill the need.So its an issue in implementation.

Blockchain Technology use different nodes to approve and confirm the transactions.These nodes store the data and information to provide the accurate processing of transactions. There is limited capacity to store such a large data in the computer So its becomes difficult sometimes to handle the all data.

So scalability is another issue in the implementation of the blockchain technology.

Blockchain easy technology that operates independence day and is not linked to another network so it be becomes difficult to link or send the transaction to the networks that limits the compatibility of the blockchain technology. This is another issue in its implementation.

Blockchain is the immutable public ledger that is developing and progressing in days due to its high demand and lot of impressive features.So in this question I will discuss about some key features of the blockchain technology.

Blockchain is the decentralized technology as we know that there is no third party involved in the processing and approval of transactions which enhances the security and user trust on the blocks in technology.

Besides this the transactions are stored in different nodes and blocks to make the accurate approvals.

One of the impressive and key feature of the blockchain technology is the less fees and speed in performing the transactions.As there is no involvement of third party so the processing of the transaction and its storage become the fast process and low gas fee is demanded.

As the blockchain is the decentralized technology so there is no third party when the transaction are processed or approved by the nodes there history is stored and there is no change in the transaction that make the process more reliable and impressive.

So the immutability is another reliable feature of blockchain Technology that gains the user trust on the blockchain.

Blockchain Technology is transparent it means that the transaction that we made in the blockchain can be seen by anyone and anyone can validate its accuracy. And no change can be made after the processing of the transaction.

The transparency of the blockchain technology enhances the trust of the users.

Blockchain is progressing and developing new features It perform the work by passing the complicated process of approving the transactions.So in this question I will talk that how blockchain technology work and how the transactions are proceeds.

Blockchain technology works by using building blocks to store transactions and approve them with the series of nodes. These blocks are really important to the blockchain technology operation.

There are different components that are used in the processing or work of blockchain technology such as proof of stake or proof of work etc.These protocols are of great importance.

When a transaction is initiated, it is verified by nodes before being added to new blocks with unique hash codes. These blocks are subject to consensus mechanisms such as proof of work or proof of stake to ensure that all nodes in the network agree on the validity of the transaction.

Once the transaction is verified the block is added to the blockchain creating an unbroken sequence of linked blocks that is immutable. Copies of the blockchain are stored on linked nodes to ensure the security and approval of the data.

This process repeats when new transactions are initiated. Miners from around the world process and verify data on the blockchain earning cryptocurrency coins for their work. This makes blockchain a profitable source of income for participants.

The data stored on a blockchain is extremely secure because any attempt to change a block would require altering all subsequent blocks as well. This is an expensive process, making it nearly impossible to tamper with the data. So this complicated process of approving the transactions make the blockchain as the reliable technology.

Zero knowledge proof is the process of athuntecation or approving the proofs.As indicated by the name the parties have zero knowledge about their privacy and approve without knowing the personal information. This technique of authentication is very popular and widely used in different apps and software to get acess to the data.

Zero-knowledge proof is the cryptographic technique for the approval of the two parties. It is used in different apps or website in the way that the captcha our some puzzles are set to access the data provided in the applications or websites when the person solve the puzzles or authenticate the CAPTCHA he will be able to access the data otherwise the excess is denied.

This technique of authentication is commonly used to verify digital identities. It can also be utilized for direct person-to-person transactions, but sometimes a third party is involved as a broker to confirm the deal from both sides.

There are also two types two authenticate by zero knowledge prove these are interactive or non interactive ZKP.In interactive zero knowledge proof there is a verifier or prover.The prover convince the specific verifier and validate the approval . In this way the prover continues the process of verifications from different verifers. On the other hand the prover generated the proof that can be verified by any verifier in the field there is no limit.

So this is the zero knowledge proof this is used in different webßites of finance, banking, crypto,educational and many more to secure the data and prevent from the hackers.

Every technology that is introduced has both advantages and disadvantage Blockchain technology is in the progressive stage.The process of features and updation is in progress. So lets talk about some advantages and disadvantages of the blockchain technology.

There are a lot of advantages of the blockchain Technology I will discuss some of them here.

One of the important benefit of the blockchain technology is transparency. The transparent nature of blockchain make it more trust worthy such as all can transparently see all the transactions that are proceedded in any users account.

Security is another major feature. There is no third-party involvement in the transactions or data that makes the access of hackers difficult and unpredictable. The security of the blockchain is due to the decentralization of the technology.

There is less gas fee in the blockchain technology all the transactions are approved or recorded in the blocks which make it to make the accurate transactions.

No third party can change the data means the data becomes immutable.This is a major advantage of the blockchain technology .

I have discussed many times that it is the decentralized technology and no third party is involved that gives the feeling of security to the users.Only the user will be able to change the data stored.

Now I will discuss some of the disadvantages of the blockchain technology that are scalability issues,lack of regulation ,security or cyber and hackers attack etc.

As more users and transactions are added to a blockchain network the size of the network and the amount of data stored on it can become very large. This can make it difficult for the network to scale and handle large volumes of transactions efficiently.

This is another disadvantage of the blockchain technology that there are more chances of hacking as there is no involvement of third party so if we lose the personal keys or get hacked by anyone there will be no chance to retrieve the data because there is no third party responsible for that.

Another disadvantage is the Lack of regulation or management by any other party this will cause many problems in management of the data.Because there is no control of any party.

Blockchain Technology is changing the world with its impressive and progressing features.There are so many features that are added in it day by day.If the issues in its implementation are solved it can work more better way due to its lot of advantages such as transparency, decentralized nature,low fees etc.I am hopeful for the better future of blockchain technology and its implementation.

Thank you