Steemit Crypto Academy Contest / S1W3 – Blockchain through the concepts by @lebey1

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Introduction

Let's get introduced to the world of Blockchain. Blockchain is a ledger of transactions recorded and monitored by a network of decentralized computers on the internet. Blockchain technology was initially developed to track Bitcoin transactions. Since then, the technology has been adopted for various other uses to record and store secure data verifiable and permanent. Blockchain can be helpful in supply chain management, secure voting systems, recording property records, digital identity, healthcare record management, and much more. The applications of this technology are immense, with benefits such as increased cost savings, transparency, improved access to information, and reliable record-keeping.

What is Blockchain?

Let's start with the basics. What is Blockchain? If you ask ten people what Blockchain is, you'll probably get ten different answers. Don't be alarmed by this, as it has become a catch-all phrase for many technologies and concepts. In its most basic form, though, Blockchain is a decentralized and distributed ledger that maintains an ever-growing list of transaction records in a secure and verifiable way. Understanding how transactions are recorded in the ledger helps understand how blockchain technology works.

Types of Blockchain

There are various types of blockchains. Some are more open to the public and others are private or permissioned. A few major players include:

• Public Blockchain: Anyone can access the ledger. Bitcoin uses this, where people pay for goods and services with cryptocurrency (e.g., BTC).

• Private Blockchain: Access is limited to those involved in making payments, like credit cards. Banking institutions use this type of Blockchain for smart contracts and interactions between banks, like loans or money transfers. R3 CEV uses a private blockchain version (a consortium including banks).

• Permissioned Blockchain: A group of trusted parties approves transactions before they're recorded on the ledger. You see this in financial systems, where records are stored in bank computers rather than databases owned by anyone else. For example, companies with large amounts of cash flow could use a permissioned system to track transactions on the same computers for more extensive financial operations such as payrolls and accounting tools.

• Consortium blockchains: Avoiding duplication allows records to be shared among multiple parties while maintaining privacy because different organizations understand who has authority over which data and how it's being updated on the ledger; important to note that each organization must be able to validate each record before it's added to a shared database even if their respective roles have been delegated within the system; important because these networks don't need individuals who know about every single transaction happening on their network but only need to agree upon specific rules when processing them (e.g., checking validity), thus making these networks more efficient compared with having everyone keep track themselves

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Four key concepts can help you understand what makes this Blockchain technology different are:

• transparency
• security
• immutability
• decentralization

My favorite concept of the Blockchain is the Immutability of the technology.

About the Immutability concept of the Blockchain

A Blockchain is a decentralized and distributed ledger that is immutable by design. Once information is recorded on the Blockchain, no one or entity cannot alter it. The term "immutable" literally means something that cannot be changed. Therefore, Blockchain data can also not be deleted or modified. Since a Blockchain design makes it tamper-proof and secure, it was created to support Bitcoin cryptocurrency. However, since then, many other applications have been developed for Industry 4.0, such as smart contracts and supply chain management solutions based on the core principles of decentralization and immutability of data stored in the public ledger(s).

Blockchain is an immutable ledger with a copy for every participant in its network. No matter how Blockchain is used, the ledger is always a database shared with every participant in its network. Each participant has a copy of the database and can view or add information. Once you have entered an item onto the ledger, no one else can change or delete it. The ledger is immutable. The item stays on the ledger forever and forms part of a chain that links back to every other piece of data on the network. This creates a history; if someone wants to check up on your data entry, they can review everything you've ever added to the database. By adding timestamping to this process, we get version control too. It is even more secure for all participants in our network because now everyone has access to the same information at any given time.

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Why immutability concept is vital in the blockchain?

Immutability is a crucial concept of blockchain technology, making it reliable and stable and excluding unauthorized actions. Immutability means that data cannot be changed or deleted once data is entered into the system. The most common way to implement immutability is through cryptographic hashing. In its simplest terms, cryptographic hashing means that if you change data in a block (for example, a transaction on the network), then the hash value of that block will also change. The main reason why this concept remains key are discussed under the following subheading:

Once a block is created, it cannot be edited.

The immutability concept is so important because it helps to ensure that no block gets changed, meaning that a user cannot change the contents of a block. It also means that a user cannot remove the block either. Suppose you try to alter one piece of information on one of your blocks. In that case, you will effectively be altering all subsequent blocks in the Blockchain (because they are linked). The only way to change any information within a blockchain is to have someone who owns more than 51% of mining power recalculate all subsequent blocks. This would require immense computing power and require changing each hash value within every block. That could take an incredibly long time, depending on how many transactions per second.

Scales better than a traditional relational database easily.

• A blockchain is a distributed database. Since it's not centralized, it can easily scale better than a traditional relational database.
• The Blockchain can be scaled to handle high transaction volume by leveraging the fact that multiple copies of its data are located in different nodes. It can also scale horizontally and vertically, meaning more servers can be added to run the network, or you can add more power to the existing ones.
• There are many ways to scale the Blockchain, but one thing is sure: scaling will not be a problem.

Data is permanent and can't be changed or deleted.

Imagine a world where you can prove that you graduated from a top 10 university, even though the school's records were destroyed in a fire. With blockchain technology and its immutability feature, this could be your reality. Immutability refers to data entered into the Blockchain that can never be changed or deleted. Once something has been entered into the Blockchain, it will remain there forever and can never be altered or removed. The data is time-stamped and encrypted, so only verified users (those approved to submit transactions) can access it.

Why is this important? Some would argue that if history has taught us anything, centralization of information leads to corruption and manipulation of power. By decentralizing data and making it unalterable in an open-source environment, we increase transparency and accountability while decreasing censorship, fraud, collusion, and tampering with evidence.

Blockchain technology creates an immutable record of all transactions executed by a network of computers (nodes) running on a " consensus protocol algorithm." Every transaction is grouped as blocks of information chained together cryptographically in chronological order from oldest to newest transaction submitted by each node participating in the network at any given time (this process happens about every 10 minutes). The order cannot be disturbed because each block contains a link back to its previous block via a shared digital signature.

Immutability saves time and reduces bureaucracy, which leads to greater efficiency.

To understand why immutability is necessary, we first need to look at the Blockchain. It's a distributed ledger, which means it has no single point of failure. We also need to understand that the blockchain network doesn't require any central authority to verify transactions. The idea behind this is that all of the information in the ledger can be seen by everyone and that it can't be changed after being made public on the network.

All of this makes sense, and you're probably thinking, "That's great! Less bureaucracy and a faster pace!" Well, yes and no—it does lead to less bureaucracy, but speed isn't something that the Blockchain offers by default. Transactions are processed at their own pace because many different nodes on the network verify each one independently. Suppose there happens to be an error in one node's verification process. In that case, all other nodes must wait until that one catches up with them before they can continue verifying transactions themselves. This causes a delay in processing times (though not much).

What happens if someone tries to tamper with data stored on an immutable blockchain? They would essentially be trying to change history. As we know from watching Back To The Future movies, tampering with timelines can have unpredictable consequences like disappearing family members or multiple versions of your spouse existing at once!

It increases security, enhances trust, and easily enables the Blockchain to scale better than a traditional relational database

The immutability feature of blockchain technology makes it difficult for hackers to change the data. For example, it is added to their digital wallet when someone buys cryptocurrency. A history of transactions is recorded on the blockchain ledger. Once this transaction has been verified and added to the ledger, it cannot be changed or deleted.
Hackers would have to change all subsequent blocks for the information in one block to be changed. This makes altering transactions extremely difficult, so blockchain technology offers greater security than other databases more vulnerable to cyber-attacks.

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Would the existence of the blockchain be possible without the immutability concept? Is there an alternative or similar term?

Immutability means that once something happens on the blockchain, it can't be changed or removed. Immutability makes the blockchain's integrity possible and is why smart contracts are so significant.

But would the blockchain be possible without immutability? The answer is, "Probably not!"

Let's assume all transactions on a blockchain are immutable for now. What would the implications of that be? Without immutability, the whole thing becomes useless. There would be no guarantee that anything written on a blockchain would stay there. For example, a bank could alter its transactions. Someone could change their address to steal money. To truly create an incorruptible and secure ledger system, you need to ensure it can't be tampered with at any point in time or by anyone in possession of access keys. Suppose you could modify your transaction history or somehow update your public key but only change it for yourself or see someone else's private key. In that case, all you are doing is storing information somewhere other than a database on a server somewhere, which isn't that exciting anymore! So why even bother making this type of system if there isn't anything new about it?

Technically speaking, the blockchain would still work in recording transactions and keeping track of who owns which coins, but immutability makes it secure. Without it, the whole thing becomes useless. There's no guarantee that anything written on a blockchain would stay there. There's a reason why Bitcoin, Ethereum, and the likes are so secure: their immutable nature. Think of it this way: if someone hacks into your bank account, an admin can reverse all transactions made by the hacker and restore your account to its previous state. No harm done. Not so with cryptocurrencies. Once you send coins to someone, there's no going back (unless you specifically program it that way).

But what exactly does immutability mean? Essentially, it means that once something is written on a blockchain, it cannot be changed or deleted. You may ask yourself: well, technically speaking, it would still work in recording transactions and keeping track of who owns which coins, but immutability is what makes it secure. Without it, the whole thing becomes useless – there's no guarantee that anything written on a blockchain would stay there. For example, a bank could alter its transactions; someone could change their address to steal money from others, or a miner could produce two blocks and decide which one to use later on. These issues would be almost impossible to detect because there is no way to prove when something was changed or how many changes have been made! So yes, immutability does make all the difference!

Immutability is the most important concept of blockchain technology. Without it, there would be no trust and no way to prevent fraudulent transactions from occurring. For example, a bank could alter its transactions; someone could change their address to steal money from others, or a miner could produce two blocks at once and decide which one to use later on. These issues would be almost impossible to detect because there is no way to prove when something was changed or how many changes have been made!

So yes, immutability does make all the difference!

Also, there is no alternative or similar term to the Immutability Concept. Its uniqueness is what makes Blockchain a blockchain

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In my own opinion, I don't think the Immutability concept of the blockchain can be improved. On my record, it is already in a perfected state. How can you improve on something perfect? well, I have no answer to that.

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Conclusion

In conclusion, Blockchain is an innovative technology and has many applications. It is the future of technology. It is a flawless technology that encourages transparency, security, immutability, and decentralization. You should become familiar with the concepts regarding blockchain technology. For instance, Blockchain and bitcoin are not synonymous.

From a business point of view, the best way to look at Blockchain is as a new form of database technology. Traditionally, data has been stored in centralized databases, usually held by large corporations who also happen to be the intermediaries between transacting parties. With Blockchain technology, we can now create distributed databases shared among many network participants, and no one is in charge of it. This significantly brings down the cost of transactions and improves business efficiency.

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I am inviting @starrchris @ijelady, @swaylee, @fombae, and @ruthjoe to participate in this awesome contest.