Blockchain is a series of list of records, called blocks which are linked by Cryptography. Each block is secured and bound together by cryptographic principles as a series of immutable records of data, controlled by a cluster of computer systems not owned by a single entity.
Advantages of using Blockchain:
The three major elements that made blockchain so popular
HOW DOES Blockchain Technology Works?
The three important technologies we use in Blockchain are
- Private Cryptographic key
- A Network Protocol
- Distributed Ledger
Let us have a brief discussion on the above technologies and get to know how they work.
1.Private Cryptographic Keys
If two people want to interact over the internet each of them needs two keys which are the private key and public key. The main purpose of this Blockchain technology is to create digital security for online transactions.The combination of these keys can be put as a secure form of a contest, with an extremely useful digital signature. This signature holds strong control of ownership.
Public key + Private key = Digital signature
But strong ownership may not be enough for digital security transactions, the strong Authentication has a need for the approval of transactions can be possible with only a network protocol.
2. Network protocol
The need and benefit of network protocol can be explained by using a thought experiment. If you go to the forest and kept a bag of gold and a camera with a distance of 2 meters a man came and took your bag with him. You got to know that man who taken your bag because you have a proof of video with clear picture.
There is another way instead of cameras, building best mathematical verification.
Bitcoin Blockchain technology has a large number of validators, scrutinising with cameras, reach to a consensus like another way in the same time rather than cameras with mathematical coding and verification.
Bitcoin technology is very popular because it secures large amounts of data. With its immense computing power, more than 10,000 banks all over the world started using this bitcoins. Eurotherm which is immature than Google in just two years has secured by 12 TH/s. Google is in the initial stage until now.
a) Systematic Storage of Records
When cryptographic keys are combined with networks a strong interaction forms, the process goes like A holds a private key with a strong network and bitcoin security and a public coin with a cryptocurrency which can attach to B’s public key.
The block containing Digital signature, time-stamped, as well as relevant information all these things leads to the best protocol and can be broadcasted on all channels.
3) Distributed Network
The Blockchain is capable of combining your computer systems with a network protocol. You will even have a chance to operate transactions on your own to serve the public.
With Bitcoins, there is a chance of deducting that the possibility of using the same bitcoin for other transactions at the same time. Each and every bitcoin has some value and can be used only a one-time purpose.
For the above reasons bitcoins are treated like gold, with the immense distributed network policy and security protocol have most security challenges. Having organic value for each coin with coordinating with Network protocol has the best security power. The nodes in blocks process a history of transactions from time to time for each bitcoin with proof of mathematical regulations.
Bitcoins use immense CPU power to detect invalid blocks when the majority of people react to the same block at a time, then they introduce new blocks without contrasting with the old one. Every block is time snapped and contains data or messages.
Here is a chain of blocks
The time, Network and verification for each and every block are different and it depends on the protocol of the blockchain, whether to create a new block or to delete invalid block can be decided depending on the protocol used for the blocks.
We are at the beginning stage of using blockchain technology and there are more experiments have been going on this technology to make it more powerful and secured.
Blockchain technology is a revolution in the technological world and it has been implemented by various industries across the world. Each day it evolving to its better version to make the things secured than ever before.
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