block chain

Blockchain

Guest post

Blockchain and Bitcoin technology is on everyone’s lips but we need to understand what it exactly is ??

When we talk about Blockchain technology we think about cryptocurrencies ,But what is blockchain, what blockchain can do ? and how it is useful for industry ??

Little about Blockchain what it is ???

Why we call Blockchain? Is it a complex technology .It usually a chain of blocks but not in traditional scene .when we talk “ Block” it means we talking about digital information and when we say “Chain “we say data in public database.

blockchain

We can say Blockchain is data structure that holds transactional records ensuring its security …Is a chain of record stored on the form of blocks controlled by no single authority .When data is stored in blockchain it is difficult to change the data due to encryption and digital signature .

For better understanding about blockchain we take a example if u want to send money to your friend we mostly use bank transfer as like other system in this case some extra amount is deducted no security about our information .In tis case we can use Blockchain technology is provide extra security and no extra amount is deducted and there is no risk of hacker access.

“Blocks” store digital information on sequence of blocks .To the blockchain framework volume is limited foe example ,Bitcoin is 1MB,this shows maximum file size can be uploaded to blockchain . In each block information is distinguished from other block and store uni code called “Hash”, This is cryptography  technique created by special algorithms .

How blockchain works?

As each block store information with hash of previous block .Hash is unique code which related to a specific block .if in block information altered or modified the  hash of the block will modified too. Connection through hash code makes blockchain secure .In blockchain there are nodes on network which perform transaction and validate it . In bitcoin blockchain nodes are called miners .

how blockchain works?

when on a network transaction is validated each block refer to hash of this previous block .if hash is correct then transaction is take place .Transaction processed by a network and in a network system work together to confirm transaction and every system confirm every transaction which occurring in a chain .

every blocks link together this makes  possible to go back and forward and alter the transaction  . Blockchain is also transparent because in network every system contain record of every transaction

Types of Blockchain:

There are two main categories of blockchain in which blockchain can be classified, i.e.  public blockchain and private blockchain.

Public blockchain:

As its name public show its property that it publicly  available for everyone ,and can be accessed by any and everyone. More ever   everyone can check overall history of blockchain with performing any transaction .Bitcoin blockchain is example of public blockchain .

On public blockchain network everyone can exchange information in open and secure way .

One of biggest disadvantage of public blockchain is that  its speed like bitcoin are very slow .And its need time to process a only single one block .

Private blockchain:

Private blockchain has some contrast with public blockchain is that private blockchain can be shred among trusted person . participant have some restrictions and specific rights in a network . Private  blockchain give some  participant overall access and for some is restricted access   on overall network controlled by owner .private blockchain used by large organizations .

the speed of blockchain is higher than public blockchain then per second more transactions take place .It can process thousands of transactions per second . In private blockchain few nodes are responsible to control network and managing data and due to centralized decision making process is more faster .in private blockchain when we look about security due to the control of some nodes hacker can easily can control over network .at result private blockchain   in risk then public blockchain .

Which one is best ???

Majority of people have trust about  blockchain  security in this way public blockchain more popular in majority .But some believe that even data is encrypted but should not store publicly because when store data publicly even in encrypted form but there is risk that unauthorized parties can access data .but data security is main thing in blockchain therefore public blockchain trying for its more security .

And financial institutes are using private blockchain when they are storing their data on it with risk of hacker access .

Both public and private have some pros and cons by creating hybrid solution is best way for blockchain .

cartoon bigdata processing center 107791 3199

Features of Blockchain :

There are some features of blockchain :-

Decentralized Blockchain:

Blockchain is decentralized its means that can be available for everyone .anyone can access and can view it .There is no authority under a specific group .in a network everybody have copy of distributed ledge this feature allow security while giving power to security .

Peer to peer network :

Blockchain provide peer to peer network means that there is no need of third party for the communication of two parties .blockchain use protocols which allow to take identical copies of each transaction .

Immutable :

On of the property of blockchain sis immutable it means that once data is written in blockchain can not be changed .fr this we take a example when we send email to your friend when email is sent we cannot delete the email or make any changes even we say our friend to delete this email .

As in the same way when in blockchain data is processed it cannot be altered .if u want to any  changing in a block then you make changes in every block belonging its hash algorithm .Because every block store hash of preceding block then change in one Hash can take changes in every Hash .It is so complicated to make changes .

Tamper proof :

Temper proof is related with immutable .as each block has specific hash value one changes take place at one block can be detected ..There are two ways for detecting hashing and blocks .

Simple hashing is like ID .When change in any single block we need to change values in every block which is difficult for a hacker to make changing because every blocks associated with each other.

blockchain technology

Most popular applications of blockchain technology :

Health care use :

Blockchain can be used to take record of medical patients . when we make a medical record for further proof then we can make in blockchain which cannot be changed .for further privacy we encode the record and store in blockchain with private key which is for only specific person .

Used  in Banking system:

One of the great application  of blockchain is that its use in banking system .In banks there are confidential data of majority of the people .when store data in blockchain when any person perform transaction he can see its transaction in few of second and its information’s are also safe .With blockchain banks can exchange funds in different institute.

Government election:

No matter how government elections are secure there are chances of risk any social party can make changes in record .our election system is manual due to risk of fraud increase .the best solution to automate process with smart contract .Smart contract provide a modern system from which these issues can be eliminated .Then perform fair voting at every region

What is next big thing after blockchain technology

We are at early stage of blockchain . Blockchain is new name in present technology  and it gained huge popularity with early application of cryptocurrencies .As at industry level we adopt blockchain technology in all other potential industries and smart contract we can think next big thing “after” blockchain .

The next big thing would be block lattice .RAI blocks working on it .majority of people working on it for making blockchain much faster than present blockchain they are introducing concept called side chain .

1 thought on “Blockchain

Leave a Reply