What is Blockchain?
Blockchain technology is very famous nowadays but now you must be thinking that what is blockchain?
So as the name suggested, Blockchain technology means a chain of blocks that contains information. It is a distributed database that is shared among the needy person and as a database, it saves information digitally. Once data has been recorded inside a blockchain, then it is very hard to alter or delete that data.
It is the easiest way to complete the transactions. Its most common use of it is as a ledger for transactions and that is why it is also known as a distributed ledger technology (DLT). It is best known for maintaining a secure record of transactions and also for its major role in cryptocurrency systems such as “bitcoin”.
The blockchain was first invented as a research project in 1991 but the concept of blockchain was adapted in 2009 to create the bitcoin by Satoshi Nakamoto.
How does Blockchain Technology work?
The blockchain allows digital information to be recorded and distributed. In this, you can add new transactions but can’t change or edit the previous ones.
For example, there was a dispute between two people named mini and pooja over who owns land that has been in the family for 10 years. The first mini owns property in 2010 then she sold this property to pooja in 2011 then pooja sold this property to seema in 2012 and then seema sold this property to mini in 2022. Blockchain technology uses the ledger method so there’s an entry of every change of ownership of this property. You can see that history in the ledger because as you know that information stored in the blockchain cannot be changed or edited. Now you can clearly find who is the actual owner of this property.
Features of Blockchain Technology: –
- Blockchain is immutable which means data that has been stored in blockchain never change. Blockchain like bitcoin keeps its ledger in a never-ending state, you can add a new ledger but can’t edit the previous ones. It is totally showing transparency and makes it corruption-free. Any other person on the network won’t be able to edit, update or delete it if they want to because once the transaction is blocked then no one can go back and edit it.
- It is a distributed ledger in which the database is updated independently by each participant in a large network. Each participant or node is verified first then they add new transactions independently and transactions are the central authority. Also, every participant has the responsibility to maintain the ledgers.
- There is “Proof of Work” (PoW) feature in the blockchain. It is very helpful in cryptocurrencies like bitcoin because it shows every transaction held in this blockchain technology. Each cryptocurrency has a blockchain which is a public figure made up of blocks of transactions and each transaction has a specific hash. It works excellent because finding the target hash is difficult but also verifying it. Due to PoW, bitcoin transactions can be processed in a secure manner without the need for a third party.
- Blockchain has a special and important feature in that it increases the capacity of the whole network. There are so many computers working together as a whole that can provide greater powers than a few centralized servers. It helps in increasing network capacity by using many computers.
- Blockchain technology provides better security. It is considered more secure than any other technology because there is a lack of failure or alteration of data. It operates on a well-distributed network of nodes. If one node is hacked then the integrity of the original data will not be compromised.
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