Introduction To Blockchain

You might hear about blockchain, cryptocurrency, and web3.0, these terms are becoming famous day by day. So in this article, we will talk about blockchain technology, which is the base of all these technologies. So let's get started.

What is a blockchain?

The term blockchain is derived from two words, the "block" and the chain", or it can also be called the "chain of blocks".

A blockchain is an innovative technology that comes in the form of an open and decentralized database.

Here we are calling it a database, why?

It is a type of database or you can say a ledger that maintains a continuously growing list of data records or transactions. But remember it is better than traditional databases.

Blockchain pillars

This is just an intro, further, we will discuss it deeply.

Public Sharing:

Servers or nodes maintain blocks where all data is stored and the transaction (sharing or operating) is visible to every node.

Here node is a system or a device

Decentralized:

There is no central authority required to authorize every operation.

Security:

This type of database is an immutable and irreversible record, no one can tamper with it with any database operations.

Automation:

It is written so that conflicting transactions do not write in the data set and transactions occur automatically.

Centralized VS Decentralized VS Distributed Network

As shown in the above image it is clear that in all the networks there is only a difference ie., the availability of a central node.

The Blockchain Technology history and timeline

Security in Blockchain Technology

In databases, it is difficult to achieve simultaneous security and privacy, but blockchain can do so by enabling confidentiality through "public key infrastructure" that protects against malicious attempts to alter data and by maintaining the size of the ledger.

In the blockchain, security depends upon the size of a distributed network, larger networks come with more security.

The records on a blockchain are secured through cryptography. Network participants have their own private keys that are assigned to the transactions they make and act as personal digital signatures. If a record is altered, the signature will become invalid and the peer network will know right away that something has happened.

Some major applications of Blockchain Technology

Cryptocurrencies:

The major advantage of Blockchain Technology is Cryptocurrency, like Bitcoin, Ethereum, Ripple, Litecoin, etc.

These are the decentralized digital currency first introduced by Satoshi Nakamoto. Nowadays this technology is influencing the banking system. A lot of people are using this digital currency as a mode of payment.

Here is no third party, the transaction, and validation takes place between the users, which increases security and assurance.

Healthcare:

This technology ensures that anyone who has access to this particular blockchain can have access to patient's data. This database will be highly secure and for checking the data related to the patient-doctor has to log in there with the public key and details and he can check the data of the patients.

IoT (Internet of Things)

Blockchain Technology ensures that the flow of data between devices is secure and no one is interfering or breaching the data.

Voting:

Blockchain can be possibly used in the next election or in Voting because of its revolutionary unchanging nature. Voting will become more secure and fail-proof with the help of Blockchain.

Conclusion

Blockchain is the future, and in upcoming decades every sector will shift to Blockchain Technology. In this world, the main concern is security and Blockchain is that technology that validates the data, authorizes it, stores it, and makes it available to everyone.

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