Explore blockchain technology

• 

  The future is here.

What blockchain technology is

INTRODUCTION Have you ever cast your vote in elections?What confirms you that your vote is actually registered and gone to the your chosen candidate or even your vote is counted or not?Do you systems like this by which you can verify your casted vote can be developed using Blockchain technology-The technology over which talk of the world BITCOIN is based.This system can revolutionize the voting,banking,education ,Health and many more systems. WHAT IS A BLOCKCHAIN It is a technique to store information/data in a decentralised manner.It means there is no single central authority to control the entire data.There can be many ways to store information for eg.writing down something on a piece of paper,writing on excel file etc.There is always some structure in which we save our data.similarly,in a Blockchain,the information is structured in the form of blocks.Each block is made of three important parts- (i)first,any data or information stored in the block. (ii)second,each block has its fingerprint called as Hash.(It is a way to uniquely identify block among other blocks) (iii) third,Hash of the previous block. all blocks are linked to each other.If you want to change the data in any block or if you try to tamper the data then the fingerprint or the hash of the block will change.And if the hash of one of the block changes,then the hash of the next block will also change and the next and so on and eventually the entire blockchain will be destroyed.This is the reason why it is next to impossible to alter or tamper with the data in a blockchain.Because,once a block is defined and becomes a part of the blockchain,it cannot be altered. The other reason for blockchains being secure is decentralisation.A blockchain is not stored only on a single computer,rather these are always stored in a network of computers.In other words all the member computer of a blockchain are its participant and have a copy of this blockchain.Thus,it is managed and run by a network of computers collectively.The people who are connected to the blockchin through their computers and those who allow to run blockchain on their computers are called Nodes.Some nodes among them are miners.Miners verify and record data.Any computer connected to this network can see the data added to the blockchain. what about privacy what happens when a person tries to alter the data in the blockchain? if one wants to do any frauds in the blockchain,then one would need the majority of at least 51%.Realistically,to hack 51 % of the computers on the network is next to impossible.you would require to hack each system individually at their locations.Thus more the number of nodes ,more it will be difficult to hack and alter the data inside a blockchain.Miners get bitcoins to connect to network 24*7 and verify the new blocks connected to the blockchain.Every computer mining for bitcoins and connected to the bitcoin network get some bitcoins.and if any computer falsely verifies something,it is punished as well.

Built With

• google
• youtube