Steemit Crypto Academy Contest Season 8 Week 1 -The Importance Of Blockchain Technology

After the emerging of blockchain, that’s with the coming of Bitcoin. The technology behind blockchain has gain several and numerous recognitions in the global market. Which is solely based on how the technology works.

With the blockchain technology arise or came with several cryptocurrencies and the adoption of the technology in various working sectors. But after several years of experience with the technology, people have started to recognize or discover some challenges with the technology.

Mostly, it is seen in the eyes of many people that blockchain is so much connected to or based on the crypto world. So it has kept most people in a doubt. That is due to how the crypto world is often being attacked or how the crypto world is a target for hackers and scammers.

This has caused the blockchain technology not to be trusted by many and not trusting the crypto world more. Below are some other related reasons for the emergence of the problems.

• The technical scalability nature of the blockchain technology is one key factor or reasons that contributes to the problems associated with the technology.

The blockchain network is strained when it comes to the adoption process of a public environment. The technology uses a distributed ledger, that is data are stored on different nodes.

There by making it difficult for the technology to store up more data or work on public ones. But in a case of a private or confined environment, the scalability of the technology is not a problem because the nodes are designed to work within a particular environment.

• When an organization is about to integrate or design their system with the blockchain technology. The organization is most often required to totally restructure or redesign their previous system or find a way to integrate both the blockchain technology and their previous system.

But here is the case that most organizations don’t have any blockchain skilled personnel to do the integration. Requesting for an assistance from a specialized personal turns out to be costly.

Also, the available solution to that problem from the particular blockchain might come with some some conditions. Some of which is the granting of them full access to your system and also investing or helping to promote the system.

• The blockchain technology is not an exception when it comes to attacks from hackers. Blockchain technology is currently one of the most targeted sectors these days. Which is as a result of it relationship with cryptocurrency.

With the crypto world being a place full of assets or money. Attacker or hackers or hackers have being trying hard to find their ways through the various

blockchains and the cryptocurrencies to steal from people. This is definitely one of the reasons why public organizations fear to adopt the technology. They wouldn’t want their data or information to be hacked and manipulated in any way. So they still find it doubtful as to whether to adopt the technology.

Explain to us some of the key features of Blockchain Technology

The blockchain technology is an advance and revolutionary way of keeping and storing data or information on a distributed ledger. The technology which is a distributed ledger has it data or informations

stored on different nodes which makes it difficult or impossible for a single node to tamper with the stored data or information. This nature of the technology is what is regarded as it decentralization.

The technology being a decentralized one makes it what has made it to to gain a recognition in most parts of the world. The decentralization means free of any authority or third-party. Which is actually a new and different type of system looking at how how systems use to work. Below are some of it features;

• The blockchain technology is designed in such a way that it uses a series or set of special algorithms known as the cryptographic algorithm. So the system or technology behind blockchain is that it stores or keep it data or information encrypted on different or multiple computers.

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There by making it safe and secure because the data or information is not stored on a single location. Which is why it is difficult to tamper with data on a blockchain.

• The blockchain technology is designed to be transparent and visible. This is because all information or data stored on the blockchain is visible to all.

The visibility nature of it makes it also difficult for an individual to make changes of a particular system in their favor. It helps to keep a good track of whatever is happening in a particular system.

• The blockchain system is flexible and not easy to tamper with. It is flexible because it can be introduced or adopted in so many systems like the banking system, health sectors and even in our

election systems. It works perfectly good when introduced into such systems and due to it distributed ledger nature it is difficult to tamper with.

Give a basic and simple understanding of how blockchain technology works

The blockchain technology is one of the most secured and immutable systems currently. Which is based on how it is being designed. That’s the technology working with some special form of algorithms known to it alone.

The technology behind it is simple a series of block of data connected or linked together in form of a chain. This apparently where the name blockchain comes from.

The individual blocks contains or includes with it the cryptographic hash of the previous block, it’s timestamp and transaction data. Which can be simple said that each block contains a data of the block before it.

So, whenever there is a change or say a new transaction is initiated in a single block, each single block then tries to verify the changes that has happened in the one of the series of the blocks.

This verification of the data is done with a procedure known as the consensus algorithm. After which a decision to add a block of the transaction is done by the majority of the blocks from the series.

These series of blocks each contains a special code known as a hash. This is precisely what contains the data of the previous block and the transactions information about the block.

Each block contains a special hash that contains information of the previous block making it really difficult to manipulate a block. Beside the blocks are in a series of chain, so they are some how connected together.

So it is actually difficult to break the chains. Which is why whenever a transaction is performed in a blockchain it actually takes majority the blocks to verify it before adding a new block of the transaction.

This is why a single block can’t be tampered or manipulated with. This is because when adding that particular block, it took majority of the blocks to initiate it. So if you are to manipulate a block you will have to manipulate not only it but the

other blocks too which will be very difficult
because they all have a special or unique hash and are distributed on a ledger. Which is why it is difficult to hack a system working on a blockchain technology.

Provide an understanding of how we can be able to use Zero knowledge proof for authentication.

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There is the need to first of all know and understand what is meant by zero knowledge proof. Just like the way the name sounds. The zero knowledge proof is a unique way

or form that allows two individuals to verify the
authenticity of each other by not revealing any of their private information cryptographically. This actually a type of cryptographic technique because it works on a blockchain.

The technique is gradually gaining more recognition than expected. This is because it works cryptographically, which is currently one of the most trusted evolving technology and also it protects the privacy of a user.

It is mostly used for online services like the authentication of users registered on a particular network. So it only users who have successfully passed the ZKP test will be granted access.

Actually, there is a challenge that is being sent to the individual or user in order for them to really prove that they have the credentials. After which the user then creates a proof by doing some sort of challenge which requires them to use a cryptographic technique.

If they are able to successfully carry the challenge out, the verifier will check and then grant the user access without any of their private information revealed.

The ZKP is one kind of a security system that can be useful in various field for the purpose of enhancing of the security. It can be used in our banking system also on other online platforms.

Advantages and Disadvantages Of Blockchain Technology

There are definitely some advantages and disadvantages accompanied with the technology behind blockchain. Below are some advantages.

ADVANTAGES

• The blockchain technology is designed and made to be a decentralized system. Which in simple words means no centra unit or third party that over sees it. Which makes it more transparent and visible to all. As a result of the transparency, no individual can alter it to their desire.

• Not easy to be tampered with. The blockchain technology is designed to be in chains of blocks and also works with a cryptographic set of algorithms. Which makes it difficult for the blocks to be tampered with.

• The blockchain technology is flexible and less costly. The technology can be used to create a wide variety of application and programs that will run on them at a given time. The various applications and programs will run smoothly

without facing any difficulties on the particular blockchain. Monetary transactions on blockchains are less costly and fast as compared to the traditional banking system.

DISADVANTAGES

• Blockchain technology is still an immature one even though it has gained some good number of recognition. As a matter of it being immature there are often frequent challenges and problems the

system often experiences in the process of its implementations. In all, the technology is still facing some technical challenges and it has rendered it to be under review.

• The blockchain technology is costly when an individual or organization tries to build one of their own. This is because it requires specialized personal and high technology to build one. Which will definitely cost you a lot to finally come up with one.

• The blockchain technology is designed to be open source, therefore it has rendered it to be venerable to attackers or hackers all the time.

Conclusion

In conclusion blockchain technology has come to change or revolutionize the way data or information is being stored with more advanced and secured protocols. Which has rendered it to be very difficult to manipulate.

The technology is such a very complicated system when it comes to how it works. That’s based on the technology behind how it operates. This same technology is made or designed to be a decentralized one there making it visible and transparent to it users. But not easily accessed by everyone.

The technology has a lot of things within it that needs to be explored. Likewise, it has some merits or challenges too it faces. Which is based on how it works and how it is designed.