What is Blockchain Technology And How Does it Work?
Block and chain, as the word suggests, a sequence made of blocks! So we know what are these blocks. Blocks can be a kind of database! People who work on computers know databases very well! And for people that do not know, whenever we say in simple language, then this database is called Collection of Data! Data, little else, whatever information you type using the pc, that information is stored inside electronic form within the computer! Similarly, every information about the Internet is a kind of data! And this is often a collection of data database! This database is kept in the computer such that it can be searched.
In blocks, the database is collected in groups which group is named blocks. Each block includes a limited space or capability to collect the database! And every time a block is very filled with the database, it is automatically from the next block! In this way one block gets attached with another block! And there's a series! This is what is known as the chain of blocks, that's, the blockchain!
What include the elements of Blockchain?
There are three varieties of elements in a blockchain-
Data held in blocks
Hash (Transition Hash) generated from that transition
Hash.(Previous Hash) of the first block related to that block
Note - The first block within the blockchain is called the Genesis Block!
What are nodes in blockchain?
The computers where blockchain details are stored! They are called nodes and all sorts of the nodes which can be connected to the blockchain possess a copy with the blockchain! Which updates every 10 mins! With the help of these nodes, it could be found out by using a Hash make certain there has become no difference in it. If all of the transitions in the blockchain are licensed by the nodes, that is, the evidence of work is approved, chances are they are coded in blocks! With the help of nodes, the data with the blockchain is stored, spread and preserved. A copy of each and every transition made inside blockchain on each in the nodes is updated every 10-10 minutes! That's why it is considered safe!
How does blockchain process?
Each block carries a cryptographic hash in the previous block which can be generated on every transition made within the blockchain! Hash is often a string of numbers and letters. That is, Hash is really a mathematical function that encrypts the input data in the output of a limited length. So, regardless of the size with the input data, the Encrypted Unique Hash is obviously of a limited size! And at the same time it can be also of this particular Hash created from the previous block's transition!
Why is blockchain technology considered secure?
If someone desires to edit the database of this Blockchain Technology, another new hash is generated! Due to which the setting coming from all after blocks is changed and it really is easy to know where the setting has become changed! So no-one can tamper with your data on this blockchain! Now if you already know that you need to make some changes inside the block chain, then you have to show the evidence of work, that is certainly, for whatever changes you are likely to make, every one of the computers (Nodes) coupled to the blockchain must make this change. The information has to be sent and just if the majority with the computers approve, you'll be able to change it!
Where can blockchain technology be used in the future?
In preventing corruption
Yes, corruption could be prevented by using blockchain technology because whatever database is saved in the blockchain is copied on every nodes if anyone wants to change your data then all the others will know about it!
In maintaining government records
The usage of blockchain technology in government offices can prove to be very secure.
Anyone whose name is saved in the database cannot be easily changed while buying and selling properties using Blockchain technology! Due to which any disputes regarding properties can come down.
Patient record keeping within the hospital
If each of the information in connection with patients is kept inside the blockchain, then it will be correct and anyone will likely be able to jump on.
In virtual currency | In Cryptocurrency
People have started investing inside cryptocurrency you might be seeing within the online market like bitcoin, ethereum, dogecoin etc which currency is increasing faster than gold! One advantage on this is that it's decentralized i.e. no require any middleman like in the ordinary currency we use, we must use banks to transfer money from place to another! And they also charge some fees just for this, banks will not be needed inside transition to Cryptocurrency! And you will be able to transact with crypto currency anywhere inside world!