In this blog you may get the answer to the topic of what is blockchain? this will be a descriptive guide as we are not working on any projects currently related to blockchain but I will be soon bringing up content like this. Also follow hackingblogs.com official site to get more interesting hacking related content.
Blockchain in Air
In recent years after the coronavirus period, blockchain has been quite famous and if you guys are techy like me it is quite relatable to understand that you might have heard about the term and though What is Blockchain ?
It has been on literally every platform YouTube, Instagram, and news ad where not but still there is a problem among people understanding what actually does blockchain actually means i mean definitely it’s not something “about chains right” I know I am bad at jokes.
But reading this blog separates you from other people as you will understand this topic and remove that gap between subjects and finally get answer to your question what is blockchain ?
What is Blockchain?
To make you understand What is Blockchain? let me tell you what decentralization means if you are a group of five friends and one of you has the power to make the other work for you that is called centralized work but when this work is divided between all 5 friends then is referred to decentralized work. Now coming back to the topic :
So What is Blockchain?
Blockchain is a digital ledger which means it records all the digital transactions across various devices but it is done so securely that the records of these transactions cannot be altered. This structure also is implemented while operating decentralized currencies like Bitcoin. You won’t even have a clue how long this technology can be used in finance, healthcare, supply chain, management, etc.
History Of Blockchain
Let’s honor the OG Mr. Staoshi Nakamoto the anonymous person who first conceptualised Blockchain Technology in 2008. It was made for the public transaction ledger of the cryptocurrency Bitcoin.
Bitcoin made it the first digital currency to solve the double-spending problem without the need for a trusted authority or central server. It was an unprecedented breakthrough that paved the way for decentralized, peer-to-peer digital cash systems.
Structure Of Blockchain
Conside data, this data can be any piece of information your name your account number anything now this is stored inside something that appears as a digital block.
Now these data are chained and linked together forming a chain structure. Each of these blocks has something referred as to a number of transactions and for any new transaction initiated, there is a record of that transaction added to every participant ledger. The security always revolves around the decentralization parts.
How is the digital world impacted by Blockchain
It has revolutionised the tech sector as its key feature including , Security , transparency, efficiency
The Decentralised Part of this technology guarantees that no single person or user has control over the entire network (the traditional admin method)adding an extra security layer.
It is transparent in terms that any new transaction record is added to every participant’s ledger account and is visible to them if they are part of the network. And the efficiency part arises as there is no room for middleman authority to act as a linkage or platform to connect.
Extension of Blockchain
As the new updates and involvement are made companies and firms are shifting themselves from traditional code apps to smart contacts and not only this you will be amazed to know that this complex-sounding yet simple technology is used in chain management systems for voting rights, real estate to health care.
In the coming lectures, i will be teaching you how you can build applications by using this technology and understand them yourself just be with me and I will keep you updated.
Frequently Asked Questions
What exactly does blockchain do
Blockchain is a method of recording information that makes it impossible or difficult for the system to be changed, hacked, or manipulated. A blockchain is a distributed ledger that duplicates and distributes transactions across the network of computers participating in the blockchain.
What are the benefits of blockchain technology
What are the benefits of blockchain? Blockchain is a secure, transparent, and efficient way to share data across multiple parties. Blockchain cannot be altered or reversed, which means participants can trust the data that they are presented with.
What is a blockchain example?
For example, consider these uses: Blockchain-based energy companies have created a trading platform for the sale of electricity between individuals. Homeowners with solar panels use this platform to sell their excess solar energy to neighbors.
Who uses blockchain
Blockchain-based contracts are becoming more and more popular as sectors like government, healthcare and the real estate industry discover the benefits. Below are a few examples of how companies are using blockchain to make contracts smarter.