Blockchain Technology(Bitcoin, Cryptocurrency)

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Introduction:

Blockchain is basically a combination of two words that is 'Block' + 'Chain' means chain of blocks. Each block contains  some sort of records like personal detail, transaction history etc.
Each block also has hash address of previous block as well as next block. 

Working:

A blockchain is essentially digital ledger of   digital records such as online transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT).

There are two types of chains that can be created in blockchain, that are public and private . The data that is contained in an individual block is specific for a particular user.  
And the hash address of previous and next block  that is present inside a block also depends on the data/details present within the block. So if someone try to change the data he will have to change the whole blockchain ecosystem. This makes the blockchain a more secure platform.The details inside the block  may be encrypted using public or private key cryptosystem depends on needs. 

Why Blockchain?

  • High Security Of Chain/ Immutable To Haks.

Any transactions done on the blockchain network are approved by a network of thousands or millions of computers. This removes almost all human involvement in the verification process, this results in less human error and a more accurate record of information. Even if a computer on the blockchain network were to make a computational mistake, the error would only be made to one copy of the blockchain. In order for that error to spread to the rest of the blockchain, it would need to be made by at least 51% of the network’s computers—a near impossibility.
Blockchain prevents users from net banking frauds and provides them accountability.

  • Cost Reduction .

Blockchain eliminates the need for third-party verification and, with it, their associated costs. There are some restrictions applied by 3rd party banks during money transaction like some percentage of fee to be charged after a certain amount .
Some banks charges tax if customers didn,t maintain min/max balance in their account.

  •  No Double Spending.

During the time of payment  sometimes what happens  is that our double payment got accepted for the same item. This is called as double spending. In this case the 3rd party apps like paytm, google pay, phone pay etc comes into picture and checks about the double  spending. These 3rd party takes its time and analyse the whole transaction. Several operations performed by 3rd party also require maintainance and security cost. This blockchain technology eliminates all these losses. 
  • Decentralization Of Power.
Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers. Whenever a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change. By spreading that information across a network, rather than storing it in one central database, blockchain becomes more difficult to tamper with. If a copy of the blockchain fell into the hands of a hacker, only a single copy of the information, rather than the entire network, would be compromised.
  • Efficient And Private Transaction.
Transactions placed through a central authority can take up to a few days to settle. If you attempt to deposit a check on Friday evening, for example, you may not actually see funds in your account until Monday morning. Whereas financial institutions operate during business hours, five days a week, blockchain is working 24 hours a day, seven days a week. Transactions can be completed in about ten minutes and can be considered secure after just a few hours. 

Many blockchain networks operate as public databases, meaning that anyone with an internet connection can view a list of the network’s transaction history. Although users can access details about transactions, they cannot access identifying information about the users making those transactions. It is a common misperception that blockchain networks like bitcoin are anonymous, when in fact they are only confidential.
  • Transparency/ Involvement Of  Public Ledger. 
Even though personal information on the blockchain is kept private, the technology itself is almost always open source. That means that users on the blockchain network can modify the code as they see fit, so long as they have a majority of the network’s computational power backing them. Keeping data on the blockchain open source also makes tampering with data that much more difficult.

Fields, In Which blockchain will show it,s impact?

  • Used In Cryptocurrency

Blockchain allows Bitcoin and other cryptocurrencies to operate without the need for a central authority. This not only reduces risk but also eliminates many of the processing and transaction fees.

  • In Banking Sector

By integrating blockchain into banks, consumers can see their transactions processed in as little as 10 minutes, basically the time it takes to add a block to the blockchain, regardless of the time or day of the week. With blockchain, banks also have the opportunity to exchange funds between institutions more quickly and securely.

  • Can be Used In Elections

Each vote would be stored as a block on the blockchain, making them nearly impossible to tamper with. The blockchain protocol would also maintain transparency in the electoral process, reducing the personnel needed to conduct an election and provide officials with instant results.
  • Property Record Use
Blockchain has the potential to eliminate the need for scanning documents and tracking down physical files in a local recording office. If property ownership is stored and verified on the blockchain, owners can trust that their deed is accurate and permanent.

Bitcoin:-An Emerging application of blockchain.

We have discussed the complete working principle of Bitcoin in further post. It,s complete roadmap from it,s evolution ,current trend and it,s future pospects. Please read that complete post to completly understand this technology.


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