Blockchain Technology

Blockchain technology
In this digital world, there is always a question mark when it comes to data authenticity and security. From there, blockchain emerged as a technology promising data authenticity. Blockchain is a distributed register of immobile data. The structure is like a growing list of blocks, and each block contains encrypted data which is actually a cryptographic hash of previous data, timestamps and new data.

For the first time, it was Satoshi Nakamoto who published his article on the blockchain with the introduction of bitcoin. We do not know yet what he will do after leaving the post.

Blockchain

We all know what a database is. A database is a set of tables in which the relevant data are organized in rows. Usually, a database is stored on a central server and if unauthorized access to the database server is obtained, all data is compromised.

But, a blockchain is a decentralized, distributed database where everyone involved in the transaction (or, say, everyone involved in the blockchain network) has a copy of the database. Everyone must accept any new transaction and each copy must be updated accordingly. So even if someone hacked into one of the blockchain network nodes and changed it. The same will not appear in the copy of the remaining nodes. Thus, he failed to prove his authenticity.

The interesting thing here is that. Although the data is distributed to each person involved in the transaction, the data is not visible to everyone. The data is encrypted using very complex algorithms and the data can only be read by the right owner. All new additions or updates are always at the bottom of the list and the list is immutable. Thus, each addition and each update is recorded and saved. Thus, the tracking of all transactions ends.

Therefore, thanks to self-design, the blockchain resists modifications. There are three types of blockchains.

• Public blockchain - This is a blockchain network where anyone can join, transact and become an auditor.
• Private blockchain.-It is a blockchain network where network administrators invite other people and give them membership in order to obtain access rights.
• Blockchain Consortium- It is a semi-poor blockchain network. It also requires permissions, but the same organization will run the blockchain node.

Understanding blockchain with examples
Let's look at a scenario where there is a blockchain network and everyone has a personal address database and that's the rule. Only owners can change their personal address. So we say that Mr. A is asking a question to change his home address as owner and this question is shared across the network. People know that O is the owner and they have consent (note that the power of consent is decoded and not the will of the person) and that the address changes in everyone's database. Any change that compromises the integrity of the database will not be taken into account by the blockchain. This is why blockchain is called trust protocol.

Require the skills necessary to learn this technique

• Good training in mathematics and coding.
• Management and marketing are just as important if you want your product to survive.

Blockchain technology applications

• We are all familiar with cryptocurrencies like Bitcoin, Ripple, Ethereum, etc. which use blockchain as their core technology.
• They can be used in patents, copyrights and smart contracts for properties. In this way it will maintain the magazine as to who owns it, who sold it and then the sellers cannot have more than one sale / purchase.
• Many banking services use blockchain for authentication and validation.
• Companies dealing with e-commerce companies will be able to manage their supply chain using blockchain.

Benefits of blockchain

First, while facing security threats, it is relatively safer than the central system (even in crash management mechanisms).

It eliminates or revokes the limited participation of people in giving everyone equal rights.

Help build your identity online.

The above potential uses have the most benefits.

Barriers to adopting blockchain

• This requires research and expertise. So the first obstacle is knowledge and understanding.
• The pace of transactions, data management and authentication will be rapidly innovative and difficult to adopt.
• It is difficult to find ways to adopt blockchain technology with traditional methods (such as in the banking sector).
• There is no universal standard on how blockchain should work! We all know how it works.
• The types of "anonymous" and "non-refundable" blockchain attribution may not be defined by all users due to different user issues.
• A major hurdle will be to persuade society to adopt the technology.

Disadvantages of Blockchain
Is blockchain baseless? Not really, here are some of the disadvantages of blockchain.

• Many computing resources are required for transaction and data management.
• This can be fraudulent and you will never know who to catch.

To draw conclusions

Thus, blockchain is a money and money of online storage, authentication, authorization and transactions in this world where the last and biggest question is related to the question of trust!