What is blockchain and how does it work?
After all, what is Blockchain? Bitcoin has been in the news for a long time recently. People have a lot of hope about Bitcoin because the price of Bitcoin is increasing day by day. But do you want to know what is the technology behind Bitcoin? If yes then you will surely like what this Post Blockchain technology is. Why Bitcoin is related to Blockchain, so you have to know about Blockchain, how it works. Now the question arises: do you know what is Blockchain Technology? Why is it important to know about it?
Blockchain technology is going to change our IT industry the way open-source software did a decade ago. And just as Linux has been the core of modern application development for almost a decade, Blockchain is also going to be a very good way to share information in the coming times, which will be lower cost and implement it easily. Can be done between open and private networks. But there was a lot of hype in the people about Blockchain Technology, because they felt that this is our future Technology can change completely. This is also true to a large extent, but speaking like this will not make sense, rather we will have to understand Blockchain Technology completely, think about its different aspects, Blockchain Technology has to be fully understood, it has to be considered in different aspects, we can say it to be better than mehzuda technology.
It is true that the pace of adopting Blockchain is very slow but the technology experts believe that this speed is going to be accelerated slowly in the coming time, which is good news for us. This technology is going to change the whole world in the future. So today I thought why not give you complete information about this new blockchain technology so that you will be able to understand it easily. Then without delay let’s start and what is Blockchain in Hindi let’s understand.
What is blockchain technology ?
Blockchain is a digital ledger. But do you know what Ledger is? Ledger is a book that maintains an account where debits and credits transactions are posted from the book where the original entries are. Or simply say that entries from the original book are updated in this ledger.
We can say that a blockchain is digitized, decentralized, public ledger.
Understand Blockchain Technology in easy words
Suppose you have a file of transactions (a “node”) in your computer (a “ledger”). Two government accountants (whom we call “miners”) also have the same file in their system (so they are “distributed”). As soon as you conduct a transaction, your computer emails both those accountants to inform them.
Every accountant wants to check as soon as possible whether you can afford it or not (and in return they can get their salary which is “Bitcoins”). Whichever of these two checks first and finally presses “REPLY ALL” to validate it, while it also attaches its logic to verify that transaction and this is the “Proof of Work”. Is called If that other accountant also agrees, then everyone updates their files of transactions…. This whole process or concept is called “Blockchain” technology.
Therefore blockchain is an incorruptible digital ledger of transactions that is programmed to record virtually everything. All the list of records which are in the blockchain are called “block”. So this blockchain is always a continuously growing list of records which are linked and secured.
Who invented Blockchain Technology?
Blockchain Technology was invented by Satoshi Nakamoto in 2008 to do it in cryptocurrency bitcoin, according to its public transaction ledger. The main objective of Satoshi Nakamoto to do all this was that he wanted to create a decentralized Bitcoin ledger — the blockchain — that gives people the ability to control their money so that any third party, or any The government also could not access or monitor these funds.
Satoshi, the creator of Bitcoin, suddenly disappeared in 2011, leaving behind this open source software that Bitcoin users can use and update and improve. Many believe that it is not a person named Satoshi Nakamota, it is just this fictional character. By the way, correct information is not available to anyone even beyond its veracity.
The invention of blockchain for bitcoin is the first digital currency that can solve the double spending problem without the help of a trusted central authority or central server.
Therefore, this blockchain technology has also been an inspiration for many other applications.
Also read :-
- How to make money with WhatsApp .
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- How to earn free Bitcoin .
Why should we know about Blockchain?
There are three main reasons why we should know about Blockchain:
- There is no need to publicly exist Blockchain technology. It can also exist privately – where nodes will be just points in a private network and Blockchain will act as a distributed ledger. Financial institutions are under great pressure as they have to demonstrate regulatory compliance and hence many institutions are implementing blockchain. Secure solutions such as Blockchain can become a very large and important building block to reduce compliance costs.
- Block-chain technology has more access than finance. It can be applied in any multi-step transaction where traceability and visibility is required. The supply chain is one notable case where blockchain can be used to manage leverage and audit sign contracts and product provenance. In addition, it can also be used for voter platforms, titles and deed management. As digital and physical worlds are converging, the practical applications of Blockchain are also increasing gradually.
- The exponential and disruptive growth of Blockchain can only occur when public and private Blockchains converge (meet) together in an ecosystem where firms, customers and suppliers can collaborate together in a secure, auditable and virtual way.
How Secure is Blockchain?
In this way, nothing is secure on the internet. On the other hand, if we talk about Blockchain technology then it is “un hackable” to a great extent compared to the rest of the technology. To perform any transaction in Blockchain, all nodes of the entire network will have to agree, only then will the transaction be valid. Here a single entity cannot say whether the transaction has taken place or not. To hack it, you will not have to hack only one system like a bank but you will have to hack all the systems in the entire network, so hacking is not such an easy thing in this technology.
The computing resources of almost all blockchains are very tremendous (more) because there is not a single computer here but a lot of computers are connected in the network.
Email for Blockchain like Bitcoin was like that for the Internet.
In the 1990s, when internet technology (TCP / IP or HTTP) was in its native stages, email was a very large and first major application. But later new applications such as web browsers came. Websites became very popular then. People used to use chat software such as Skype a lot. If we think about it now, then you can see many different applications running in your mobile, which use the Internet.
Similarly, when blockchain technology came new, bitcoin was also the first major major application like email which used this technology. Other cryptocurrencies followed this trend later. Now blockchain technology is used in many applications such as security, online voting etc.
Internet Technology vs Blockchain Technology
If we talk about both technologies then the Internet allows computers to exchange information; Blockchain allows computers to record information.
Both use a lot of computers (nodes).
Let us know something new about the Internet and Blockchain.
The first generation of the Digital Revolution brought the Internet of information to us. The second generation – which is powered by blockchain technology – introduced the Internet of value to us: it is a new platform that will reshape the world of business and make the old order of human affairs even better.
Blockchain is such a vast, global distributed ledger and database that is running continuously across millions of devices and is open to anyone, not only information but anything that has some value like money, titles, deeds, identities , Even votes – they can be moved, stored and managed securely and privately. To establish trust here, mass collaboration is needed and some clever code to implement it, while old methods require powerful intermediaries such as governments and banks.
That is why we can say that Blockchain technology is made by us, works for us and it is the people who control it, which makes it very secure and reliable.
Technology Behind Blockchain Technology
The main technologies behind Blockchain are mainly the three given below.
- Private Key Cryptography
- P2P Network (Peer-2-Peer)
- Program (the blockchain’s protocol)
Why do we need blockchain technology?
Blockchain is a mechanism that helps all of us reach our highest degree of accountability. There will be no more missed transactions, it will reduce human and machine mistakes, behind all these transactions, no third party or government’s consent is required but only the trust or secure validation of all connected nodes is maintained.
The most critical area where Blockchain helps us and provides guarantee is that the validity of a transaction is recorded by them, it is not only being done in a main register but in all the distributed system registers connected in the network, in all these registers Only after secure validation, Transaction will be called valid.
Blockchain technology applications in the following areas in the future:
1. Smart contracts:- Any industry, if it relies heavily on contracts, such as insurance, financial institutions, real estate, construction, entertainment, and law, all those industries will be benefited with this technology. Because with the help of this technology all your contracts can be updated, managed, tracked and secured without any dispute. Smart contracts, which are embedded with if / then statements and which do not require the involvement of the intermediary party to execute.
2. Supply chain management :- Whenever changing a value or changing the status of an asset, then blockchain is a very good option to manage all this process.
3. Asset protection :- Whether you are a musician who wants to get the royalties of your songs properly or you are a property owner, blockchain technology can help you a lot if you want protection of your asset, an indisputable record of your real-time ownership. By making.
4. Personal Identification :- Governments often manage a lot of amounts of data such as personal data from birth to death records, marriage certificates, passports and census data etc. Blockchain technology can easily manage all these data according to the streamlined solution and can store them securely.
5. Payment processing :- The specialty of Blockchain is that it can easily handle the payment processing of any big company. This can completely eliminate the need for intermediaries, which we often see in payment processing.
6. Crowdfunding :- A blockchain powered crowdfunding campaign is a much safer investment than a traditional crowdfunding from an interested community for a new project. But in such an instance, funding will be mainly in the shape of bitcoin or other cryptocurrencies.
Real-life applications of blockchain technology:-
Now you must have understood the basic concept of this technology, so let us now know where they are used in real-life applications.
1. Follow My Vote: It wants to change the way we vote and become the first open-source online voting solution in the world.
2. Arcade City: This is a true decentralized ridesharing service which is also known as ‘Uber killer’.
3. ShoCard : It stores your identity in Bitcoin’s blockchain so that you can have easy verification.
4. Symbiont: It provides better smart securities in Blockchain.
5. Bitnation: This is a “Governance 2.0” initiative that seeks to establish DoItYourself governance by working with a collaborative platform.
6. ChainLink: It uses blockchain technology to verify and validate authenticity and title of real-world items.
What are Public and Private Blockchains and what is the difference between them ?
Although there are many varieties of Blockchain but all of them fall mainly into two categories – public or private. Public blockchains give opportunity to anyone to see and send transactions as long as they are part of this consensus process. They are also consortium blockchains, where only a few pre-selected number of nodes are authorized to use ledger. For example, a group of banks and their clearinghouse blockchain are used as part of trade-clearing, where each node is associated with some step in the verification process.
In private blockchains, in contrast, writing in a distributed ledger puts restrictions on any group of employees who work in that organization. Along with this, there are other restrictions in it.
Along with this blockchain – due to its self-policing security – it eliminates a large amount of record keeping, which becomes very confusing later when multiple parties are involved in the same transaction.
Blockchain Technology – Its opportunities and advantages :-
- This blockchain helps our smart devices communicate with each other so that they can communicate better.
- Blockchain solves the problem of manipulation. This brings all things to their highest degree of accountability.
- Makes online identity and reputation decentralized. So that we can own our data ourselves.
- Cryptocurrencies share the inability of the government to control the value of currencies to the general public, so that no one will have the hand over the value of currencies.
- In an informal economy, the blockchain protects us from the middleman, so that the exchange of assets can be done in an easy and free manner.
- With the help of blockchain technology, many issues related to freedom, jurisdiction, censorship, and regulation can be addressed correctly and smoothly.
- With blockchain-based systems, there is no need to keep intermediaries anymore, but records and transfer of assets can be easily taken care of. Which leads to increase in transaction speed.
- The data that are entered once become immutable in the blockchain, which can no longer be changed in any way, which reduces the situation of fraud to a great extent. Apart from this, the transactions are very clear which can be easily investigated and audited later.
Blockchain Technology – Its Criticisms and Challenges :-
Although there are many advantages of Tapa Blockchain Technology, there are still some shortcomings about which we know.
A lot of power is required:
A lot of computing power is required in the operation of these blockchain, due to which the requirement of electricity is very high. If we look at the situation of today’s climate change, then it is not so easy in favor of any developing country because they also have their own needs. Therefore it is only true for developed nations.
Security of private key:
This private key should always be kept secret because if the third parties came to know about it then it happened that you have given control of all your bitcoin in their hands. Apart from this, the private key should be backed up and protected from accidental loss, because if it is lost once, then no one else can recover these funds and they will be lost forever.
Transaction speed can also become a problem. Because we know that to verify blocks in a chain is very important for a distributed network for security and it takes a lot of time to do so.
My opinion about Blockchain :-
Blockchain can become a very important part for our financial and technological digital future. This ‘blockchain’ technology, which is behind bitcoin, has so far proved that this technology is big and it has the potential to create a new world of technology. It is a big thing like the internet itself. This is a wave of innovation that can keep the general public like us away from these financial complexities. With this, it can free us to exchange goods and services with anyone in the whole world, so that we will not have to go through these and corporate intermediaries.
It can radically decentralize our entire society and can save us from banks, governments, even companies and politicians. This in itself can bring a huge digital revolution. We just need to understand it and explain it to others.
Blockchain’s future :-
By now you must have understood what is the usefulness of Blockchain and how it can be used in all our works. Our thinking about this information has been changed by changing how and where information can be stored, who can access this information and what can we do with this information.Which is the main reason that some organizations are against it because how the blockchain organizes the information and how to maintain our records-keeping infrastructure goes to the heart of these things. It is clear from this that people will not accept Blocakchain technology so easily and it is not going to come overnight because it challenges traditional technology at every step.
We saw a similar case in TCP / IP, which was initially heavily criticized, but it took about 30 years to implement it later, but ultimately everyone understood its worth. In the same way, the world is still taking time to understand Blockchain, but it will definitely be adopted in a few years.
I sincerely hope that I have told you what is Blockchain Technology? And how does it work? Gave full information about and I hope you guys have understood about what blockchain technology is. I request all of you readers that you too should share this information in your neighborhood, relatives and friends, so that we will have awareness among us and everyone will benefit a lot from it. I need your support so that I can convey more new information to you.
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