After all what is Block chain (What is Block chain Technology). Most recently Bitcoin has been in the limelight for a long time. There is a lot of hope for people in Bitcoin because the cost of bitcoin is increasing day by day. But do you want to know what is the technology behind Bitcoin? It’s Block chain technology.Yes friends if you want to know more about Block chain technology then you will like this post blockchain technology. Why Bitcoin’s relate with Block chain , so you want to know about Block chain, how it works. Now the question arises, do you know what and why Block chain Technology needed ?
What is Block chain technology ?
Try to Understand Blockchain Technology in Easy Terms Suppose you have a file of transactions (a “node”) in your computer (a “banner”). Two government accountants (whom we call “miners”) have the same file in their system (hence they are “distributed”). As soon as you do a transaction, your computer e-mails them to both the accountant to inform them.
Every accountant wants to check first as soon as possible whether or not you can afford it (and in return, they can get “Bitcoins” of their salary or not). Whichever of these both checks first and finally validates it and presses “REPLY ALL”, then with it, it also attachs its logic to verify that transaction and it is called “Proof of Work” Is called. If this is the same intermediate if the second accountant is also agreed, then all their files of transactions are updated .
This entire process or concept is called “Blockchain” technology.Therefore, blockchain is an incorruptible digital accounter of transactions that is programmed to virtually record all the things. All the list of records which are in the blockchain are called “block”. Therefore, these blockchains are always continuously growing list of records which are linked and secured.
How block chain technology work?
Block chain technology is going to change our IT industry in the way that open-source software did decade ago. And just as Linux has been the core of modern application development for nearly a decade, the same way that Blockchain is going to be a very good resource in the coming time, to share information, and which will cost less and implement it with ease between open and private networks But there was a lot of hype in people about Blockchain Technology, because they thought it could completely change the technology of our future.
This thing is quite true, but by saying such things, then the matter will not understand, Rather, we have to fully understand Blockchain Technology, we have to think on different aspects of it, we can talk about it being better than Mehjuda Technology by going back.It is true that the speed of adopting Blockchain is very dangerous, but technology experts believe that in the coming time this speed is going to be gradually faster, which is a good news for us. In the future, this technology is going to change the entire world. So today I thought why you should give people full information about this new Blockchain technology so that you will be able to understand it. Then let’s start without delay and what blockchain happens Let’s understand.
How much Block chain secure ?
There is nothing safe in the internet. If we talk of Blockchain technology, then much of the other technology is “unhackable”. To make any transaction in Blockchain, all the nodes of the entire network will have to agree, then only that transaction will be valid. No single entity here can say that the transaction is over or not. To hack it, you will not be able to hack just one system like bank, but all the systems in the network will have to hack, so hacking is not such a simple thing in this technology.The computing resources of most blockchains are very tremendous (more) because there is not a computer here but many computers are connected in the network.
Why we need Block chain technology ?
Block chain is a mechanism that helps all of us reach our highest degree of accountability. Now there will be no more missed transactions, human and mechanical mistakes will be reduced, no third party or government’s consent is necessary for all these transactions, but the trust or secure validation of all connected nodes remains.The most critical area where Block chain helps us and provides the guarantee that validity of a transaction is not being done by recording them, it is being done in only one main register, but all the distributed system registers connected to the network, in all these registers Transaction will be called valid only after having a valid validation.
What is Public and Private Block chain technology?
Although Blockchain has many varieties, most often all come in two categories – public or private.
Public block chain
Publich block chain give opportunity to anyone to see and send transactions until they are part of this consensus process. These are also consortium blockchains, where only some pre-selected number of nodes have been authorized to use the ledger. For example, a group of banks and their clearinghouse use blockchain as a part of trade-clearing, where each node is associated with some step in the verification process.
Private block chain
On the contrary, restriction in writing in a distributed accounter puts any group of employees who work in that organization. With it there are even more restrictions. Due to its self-policing security in blockchain – this eleminate maintains a large amount of activity, which would have become very confusing when multiple parties were involved in the same transaction.
Future of Block chain
So far, you have come to understand that what is the usefulness of Blockchain and how it can be done in all our works. This information has changed the way we think about how and where information can be stored, who can access this information and what can we do about this information. The main reason is that some organizations are against it, as how blockchain organizes information and how to maintain our record-keeping infrastructure, it goes to the heart of these things. It is clear from this that people will not accept Blocakchain Technology so easily and this is not going to come overnight because it challenges traditional technology at every step.
The same case we had seen in TCP / IP, which was initially criticized, but later it took about 30 years to implement it, but finally everyone understood its meaning. In the same way, the world is taking time to understand Blockchain now, but in some years it will be adopted.