BLOCKCHAIN

BLOCKCHAIN

It’s been over ten years now since Satoshi Nakamoto published the Bitcoin. In that time, blockchain technology has made significant, affecting thousands, if not millions, of people around the world. The 21st century is all about technology. With the increasing need for modernization in our day-to-day lives, people are open to accepting new technologies. From using a remote for controlling devices to using voice notes for giving commands; modern technology has made space in our regular lives. Technologies like augmented reality and IoT that have gained pace in the past decade and now there’s a new addition to the pack i.e. Blockchain Technology. 

WHAT IS BLOCKCHAIN?

A blockchain, originally divided into two parts block chain, corresponds to two words, which is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptography hash of the previous block.

WHY BLOCKCHAIN

Blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin. The identity of Satoshi Nakamoto is unknown. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need for a trusted authority or central server. The bitcoin design has inspired other applications, and blockchains that are readable by the public are widely used by cryptocurrencies. Blockchain is considered a type of payment rail. Private blockchains have been proposed for business use. Sources such as Computerworld called the marketing of such blockchains without a proper security model.

Types of blockchain!

• Public blockchain

A public blockchain has absolutely no access restrictions. Anyone with an Internet connection can send transactions to it as well as become a validator (i.e., participate in the execution of a consensus protocol). Usually, such networks offer economic incentives for those who secure them and utilize some type of a Proof of Stake or Proof of Work algorithm. Some of the largest, most known public blockchains are the bitcoin blockchain and the Ethereum blockchain.

• Private blockchains

A private blockchain is permissioned. One cannot join it unless invited by the network administrators. Participant and validator access is restricted.

• Hybrid blockchains

A hybrid blockchain has a combination of centralized and decentralized features. The exact workings of the chain can vary based on which portions of centralization decentralization are used. 

POPULAR APPLICATIONS!

1. Smart contracts
2. Government Elections
3. Identity management
4. Intellectual Property Protection

Identity management

The world is getting more digitized with every passing day. Consider financial transactions happening online for instance, you can easily login with your credentials and security pin to access your funds. However, in this case, no one can ensure the identity of the person taking out the money. If your username and password are hacked by someone, there’s no way to secure your money.

The need of the hour is to have a system that manages individual identification on the web. The distributed ledger technology used in blockchains offers you advanced methods of public-private encryption using which, you can prove your identity and digitize your documents. This unique secure identity can work as a savior for you while conducting any financial transactions or any online interactions on a shared economy. Moreover, the gap between different government bodies and private organizations can be filled through a universal online identity solution that blockchain can provide.

Its uses?

• Cryptocurrencies

• Smart contracts

• Financial services

• Video games

• Supply chain

Why to know about blockchain?

In our field of CSE the updations towards the infield knowledge is the main key according to me the official and non-official use of blockchain would be done in upcoming days and why it is coming in use nowadays that’s just because the data is stored in the different blocks where when a hacker interrupts the transaction he gets only of the 7% part of the transaction or process where till the use, it changes. On another step, the user knows the private key whether the system also don’t know about the private key so decryption doesn’t take place.