What is a Blockchain technology?
In its simplest level, blockchain technology is simply a series of cubes, but not within the conventional sense of those words. once we say the words”block” and”series” during this circumstance, we’re of course speaking about digital data (the”cube”) saved during a public database (that the”series”).Block on the blockchain info are composed of electronics parts of knowledge duration.
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Let’s consider you will need to make a transaction that Would be willing to give someone you don’t even know money that is needed for that transaction? Why would you hesitate?
Perhaps a lack of trust would lead you to pause That’s why, traditionally we entrust the storage or management of our transaction information to a trusted third party that is, an intermediary and pay intermediary’s fees Unexpectedly the intermediary might face situations such as content tampering hacking, robbery or natural disasters And we end up losing transaction information in an instant.
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Blockchain we can ensure reliable transactions without an intermediary while keeping transaction information private Is it really possible? Is Blockchain technology really useful? Let’s take a look First, let’s find out why it’s called ‘Blockchain’
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Blockchain technology collects transaction records between individuals over a period of time which are grouped together into a single unit, called a block As long as transactions are made blocks will be created continuously and chained to each other in the order in which they are made Then, how does Blockchain technology create trust without an intermediary? The existing system is designed to keep information hidden by the intermediary but the blockchain system is designed to share flow of transaction information among the participating members so they don’t fall for fake information That is how we can ensure trustworthy transactions without the need for trusted third parties in the blockchain network technology.
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Here is the thing if some participants can tamper with this shared transaction information can it be trusted? Put aside your worries The shared transaction information is collected and converted into an unrecognizable form that is tamper-proof But can it be hacked somehow? In order to process how successfully can hack the transaction history of all participant’ blocks info should be altered and in the meantime a blockchain info and blocks keeps growing so hacking is only possible when a number of blocks that are chained are simultaneously altered This is why it is practically impossible to hack blockchain.
how do blockchain transactions work?
When the blocks containing information about transactions are newly made these blocks need verification to make sure the transactions are true Only verified transaction which has been accepted as true by the entire network can be entered into a new block thus making the transaction information immutable and trustworthy And the new block is labeled with a cryptic name tag which requires supercomputer-like performance.
How does a blockchain system without intermediaries have the same infrastructure as a supercomputer?
This is because countless blockchain participants’ computers are networked to act as supercomputers Participants get rewarded with cryptocurrencies such as Bitcoin in exchange for providing their computers Some participants take advantage of this fact not for transactions through the blockchain but for the purpose of monetization through the blockchain by building mining computers which has played a big part in popularizing blockchain transactions.
Let’s recap In the blockchain system the history of transactions verified by participants are generated as a block containing encrypted information with a time stamp And the block added to the chain Hence, it is nearly impossible to tamper with information contained in the blockchain Furthermore, without the help of a third party’s infrastructure PC computing power of participants is utilized for encryption and in return cryptocurrency is rewarded to the participants.
So the system that enables all transactions using participants’ infrastructures essentially eliminating the need for trusted third parties and fees is the blockchain tutorial And this is what makes it such a valuable technology Now, what else would you like to know? See you in the next article! Promise?