Can you imagine your life without digital media nowadays?
Right from opening our eyes in the morning up to shutting down at night, we are surrounded by the digital world. Maybe some people are not fond of the digital world because they find happiness in a sound of money withdrawn from ATM but that doesn’t mean they can deny the fact that World is rapidly stepping towards innovative technologies, which are used for our ease.
The blockchain is technology which is going to revolutionalize digital world completely. So we will start from basic about Blockchain.
Firstly let me tell you, what is Database?
The database is a collection of information, that is properly organized accessed and stored electronically, simply for computers.
ex: ATM system’s, Facebook, Gmail, Whatsapp, etc.
This means almost everything that makes internet and our life powerful. So can you imagine your life without them?
I know your answer is NO, right?
You may have heard of some complaints such as – “My facebook/twitter got hacked, someone is reading my messages from WhatsApp and blah blah blah” but, do you ever thought of the technology which is used for security purpose of your data?
Well, then here comes a concept of Encryption and Decryption.
It’s a coded language to hide our messages from third parties called as ciphertext. Encryption is a process of converting plain text into cipher text and vice-versa is known as decryption.
There are certain keys to decode it –
1) Public Key – To encrypt data
2) Private Key – To decrypt data
What is Blockchain ?
There are two things. A block and a chain. At a very high level, it is just a chain of blocks. Since it’s inside computers, We can rule out the physical stuff. Here digital information is divided into blocks and linked together. Wait there is something more. Each of these blocks contains hash. Hash is nothing but a set of characters (eg: 12hyjdfll). It is derived from the information contained in the block.
Blockchain was first developed to provide an alternative approach to payments, by using cryptographic methods to provide an alternative trust mechanism between two transacting parties, but now it is used for a wide variety of transactions.
The blockchain is a distributed database in which all transactions are stored in blocks. It is also a digital ledger that can be programmed to record anything. Blockchain gives you a trustworthy way to store the data. Anonymously transactions over the internet take place, for eg., Medical record stored, are accessed by only those who allowed. Data is stored in a blockchain as a shared and continuously reconstructed database. Since there is no decentralized database, it would be difficult to hack and corrupt the data. Data is hosted by millions of computer simultaneously and is accessible to anyone on the internet. Hence it is fully public and easily verifiable.
Some of the features of Blockchain are-
1) The blockchain is durable and robust.
2) It is not controlled by a single entity and therefore has no point of failure. Whatever failure occurs is due to mismanagement from the part of humans.
3) It is highly transparent and incorruptible.
Why Do you need blockchain?
No middle man/network/third parties like bank
Common shared database
Working with multiple parties
Large storage unit
If you need control over functionalities, the private blockchain is perfect for you, else you can go for public blockchain.
Blockchain can now replace the central administrative system and make everything fair without trusting ‘middleman’. You may think that so many people seeing your record, won’t they able to change it?
Well No! Once a transaction block gets added to the ledger system, no one able to alter it. That’s why every node on the network verifies the transactions thoroughly and after it matches with every other node the interaction and gets added to the list.
So now let’s go back in history and see how blockchain came into the picture.
- 1991- Cryptographically secured chain of blocks.
- 1998- Decentralized digital currency
- 2008- Blockchain concept by Satoshi Nakamoti
- 2009- Bitcoin
- 2014- Mainstream term
- 2017- Race is on! Blockchain development.
It runs some of the important topics:
2) Peer to peer network
3) Private key cryptography
4) Proof of work
5) Proof of stake
What is the block?
Block basically consist of –
2) Resulting of Hash
eg- Let’s consider one message, it’s hash and nonce.
Message: “Peter is certified”
Here in the above example, If we change anything in message hash get changed and it will give an error. So we need to rerun the hash algorithm to get new nonce.
Blockchain always comes with a knowledge of cryptocurrency –
Cryptocurrency is a currency that can only be accessed by digital currency.
Cryptocurrency wallet development is a software program that is designed to manage your crypto assets. It stores your public and private key. It is a software program that stores the public and private key and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance.
Cryptocurrency wallets are a digitally secured system that allows sending, receiving and management of cryptocurrencies and make the process easier and secure.
Whenever you need to know about the blockchain concept, you must know about all the technologies related to it thoroughly. As we have gone through the various basic concepts regarding Blockchain, we can come to a conclusion that, Blockchain is going to create a great impact on the world in the future. So it’s definitely a technology which we can invest and rely on to.