Blockchain


What is Block Chain?
             Probably you may think that blockchain is a word which is related to the IT Industry. No, it's not. The blockchain is a concept that can apply for most industries.
            
                      "blockchain is a distributed database which is existing in multiple computers at the same time". 
  In advance, "blockchain is a distributed ledger which is open to everyone who is connected in a network".  

Once we recorded our data to a block, it is difficult to change. Which means it has higher integrity of data.

So now you may have a question what is a block....👀 ?
         A Block is a consist of
                                           - Data
                                           - Hash
               and                     - Hash of the previous block.


        
a block of a blockchain





Each block contains a timestamp and a link to the previous block, which means blocks are connected like a chain. This is the reason to make the chain of the blocks.

DATA:
           Data is the information about the transaction. It consists the information of the sender, receiver, and other information which are related to the transaction.

HASH:
         Is a unique value. It is similar to the fingerprint.
        
HASH OF THE PREVIOUS BLOCK:
         This is the thing which creates the link and makes the chain.

The first block of the blockchain is called the Genesis Block.


Let's see how a blockchain works.

 I have created a blockchain in javascript and me here put screenshots to show you how a blockchain makes its chain by linking the previous hash of the block.

As you can see the hash of the 2nd block has the previous block's hash. This is the mechanism which blockchain maintains its chain. Each block references the previous block. Blockchain has integrity. Let's see how it maintain its data integrity.

 Here the first I got the message that my blockchain is valid.


And next, I have tempered the blockchain. I change the first block's data (not the genesis block).

That means blockchain is more secure. No one can't temper the data.

 As to more understand about this look at following picture(i got it from youtube);



There are 4 Key Dimensions of Blockchain.
                                                    

                                                1.) Shared Ledger.
                                                2.) Smart Contracts.
                                                3.) Consensus.
                                                4.) Privacy.

1.) Shared Ledger.

An append-only distributed system of the record shared across a business network.

2.) Smart Contracts.

Business terms embedded and executed in a transaction database.

3.) Consensus.

All parties agree to the validity of a transaction and commit it to the blockchain.

4.) Privacy.

Transactions are secure, authenticated and verifiable.


Advantages of the blockchain

  • Fraud Prevention
  • Protection from unnecessary interference
  • Decentralized data storage
  • Reliability
  • Cost Efficiency
Disadvantages of the blockchain

  • Crime
  • Storage Problem
  • Complexity
  • Need more resources

I think that now you got the concept of blockchain technology. 😉

Thank You!!!
sanduniisa.

See you soon from a new topic✌



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