What is blockchain? - My perspectives
Don't worry about it if you did not know about it.
Let's the go-ahead for an easy explanation.
According to my information, this technology was designed in 1991 by Stuart Haber and W.Scott Stornetta. But in fact, it came into existence in 2009 with the launch of Bitcoin. Blockchain is one type of database.
Now the question is, what is a database?
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Blockchain is one type of database with is stored in the computer system.
Why it is called blockchain?
The information is stored in one type of group or we can call it a block. They are stored, spread preserving the data. All blocks have limited capacity. If a block is filled, so it is joined to the previously filled block. And the new joins the previous, In this way, a new one joins and forms a bigger chain. This chain of blocks is called a blockchain.
The elements of a blockchain and how it is working?
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Each block has a cryptographic hash of the previous block. This number is generated on every transaction. And it is a chain of numbers and letters. A hash is a connection that converts input letters or numbers into an encrypted output of a fixed length. this has depending on every transaction. A small edit of information creates a new hash. As above a new hash joins with the previous hash so this new hash depends on the previous hash. If someone tries to modify the information, it changes the hash. And all the hashes change. And in this way, the settings of all blocks are changed. So if someone tampers with the transaction record, the changes made can be easily caught. this blockchain is spread in many computers and all computers have copies of this blockchain. They are all verifying the date with that copies. If all copies are proved so it made a secure chain.
ADVANTAGES OF BLOCKCHAIN
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(1) The data and information in the database are set in a table form so that filtering and searching of any information can be done easily.
(2) The blockchain is permitting storage for the record, save, and analysis but not for editing. So that it is an easy option for a transaction.
(3) Fund sharing easily within a few minutes.
(4) Sensitive information or information that cannot be changed can be saved on the blockchain like medico-legal documents.
(5) Useful in Bitcoin.
Blockchain is special data for Bitcoin which is stored all bitcoin transactions in computers. blockchain Spreads the option of cryptocurrency like bitcoin on every computer. So that it can be operated without any central authority.
(6) Election or voting system which is resulting in offense reduction or cheating in the election.
Dear friends that are all about blockchain and that's advantages. I hope you understand and got interested in this field.
Very concisely explained the complexity of BC technology
Thanks for sharing.👍
i am glad you liked it
Greetings @luckyali, very well explained what a blockchain is and most importantly you did it in a very understandable way.
thank you for best comment
hello @luckyali,
It is always good to go back to basics, now that many new investors are coming in, it is always good to see articles describing the basics of this technology, from what I understand, blockchain is a database that cannot be altered and, like all databases, it is designed to keep a record over time.
Yes you are right that is why i posted this basic information with all of us because there are lots of newbies are coming on this platform so i think this post will help them
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