Blockchain Technology Everything You Need To Know
In this article you learn about Blockchain technology and how blockchain process transaction using this innovative technology. The ease thing is going to explain in different part of Blockchain, and I am going to divide the blockchain aspects to make sense easy. In this guide every section after the end you will learn something new about Blockchain.
The Blockchain is a chain of blocks and each block contain data of value. There have no central supervision, and it is photographically secure and immutable. It’s contain two important data structures- One is pointers and another is linked lists. So let’s begin to get the complicated blockchain explained in simple words.
Session #1 Understanding The Basics Of Blockchain
Step by step I bring every point of Blockchain technology so that you can get a clear idea about the Blockchain.
What is Blockchain?
Blockchain is a technology that moving digital currency or assert the individual to another individual. In a simple way to explain the blockchain is a digital transaction ledger. This ledger can write information in the block, though the previous information stored in the same block that cannot be edited, adjusted or changed.
Blockchain recorded all the verified transaction in the ledger as a block. It utilizes a peer to peer distributed network to verify each transaction. When a new transaction added to the blockchain with signed and verified this cannot be altered. Numerous computers connected to the network and there have less chance to add any invalid transaction in the network. Every transaction is coming to compete, solve a mathematical proof.
The connected compute, network or share with other compute and agree about the result. All the “nodes” computer network are agreeing about the solution. As a result, all are agreed to validate the transaction by combined, it’s called “consensus”.
It’s also make appending data to decentralize ledger and any single entity can not control the network information. Hence, we do not need to depend on any single entities instead of multiple entities.
The amazing thing is that all the transaction is recorded publicly in a chain and with verified. Any one of the network can check and view the content of the ledger that his or her block toke place in the chain.
In brief of phrases:- Blockchain is secured by cryptography, Transaction in open ledgers, a peer-to-peer network, Decentralized, Can be made public.
What Blockchain is NOT!
Blockchain is not Bitcoin. Still Bitcoin is the unregulated digital currency in many countries in the world. It’s a transaction complete with a digital public ledger called peer to peer network translation. On the other hand Blockchain is an underpinning system that does Bitcoin transaction ledger.
Blockchain is not a product, for example, it is like a fabric and use for business solution differently. The main utility come in through a set of application. An existing business is necessary to test blockchain technology for the use case. Also, the blockchain is not a transaction processing replacement system.
It is not only a currency it also both tangible and intangible assets such as a house, car, violin and digital music, digitized video, document, digital goods etc.
Blockchain is not good high volume transaction and low value transaction. It’s also not important anonymous.
How Blockchain Transaction Works?
Do we have types of Blockchain?
Can the Blockchain store any type of record?
Why Is Blockchain Referred To As A Decentralized Database?
Session #2 The Key Advantages Of Blockchain
- Why Use Blockchain?
- Myths about Blockchain
- Enhanced security
- Reduced transaction costs
- Faster transaction settlements
- User-controlled networks
- Increased efficiency and speed
- Benefits for your industry
Session #3 Blockchain in real-world industries
- What Real Life Scenarios/Application Can The Blockchain Technology Be Applied?
- Blockchain Use Cases
- Difference Between Blockchain and Bitcoin
- Blockchain vs. Shared Database
Session #4 Conclusion of Blockchain Technology
- Limitations of Blockchain technology
- What If The Whole System Crashes?