Ever wondered what is BlockChain Technology?
In this blog, we will tell you everything that you would want to know about BlockChain.
So, let’s get started…..
To start off, without this technology, Bitcoin couldn’t have existed. It is majorly associating with crypto currencies such as Bitcoin, but that’s just the tip of an iceberg.
BlockChain is way beyond Bitcoin:-
This technology is not that simple, especially when you dig in the basic idea of the same. It is basically a wide range of effective data base that has been validated by a vast community, rather than a legitimate central authority. It is a range of collected data that has been accepted by a lot of people without relying on any single entity such as Government or a bank and that runs on a particular server.
In the term “BlockChain”, the block represents the total number of transactions and the chain ties up these records with the hash function. Once the records have been created, the computer distribution networks confirm the same and once done, the previous entry pair them up. Thus, the chains of block are created and they are known as BlockChain.
As the computer distribution network is maintaining this BlockChain, there is not one single person that controls its history. And, this is a very significant component because whatever happens in the chain earlier, no single person can get back and change the stuff. This is how BlockChain has become a public ledger.
In traditional terms, we usually need central authorities in order to trust and fulfill the contract needs. However, the BlockChain provide us the automated peer guarantee that too in a secure manner. That’s the biggest innovation in terms of the latest technology.
Crypto currencies & BlockChain Technology:-
Though Bitcoin and other currencies are using this technology, all the currencies are doing it in a different manner. After the invention of Bitcoin, it has went through many changes over the period time by the community and the developers. Other alternate currencies are also there but they operate in a different manner.
For the bitcoin, one new block is generating in every ten minutes. Now, this block will variefy, record and certify the new and latest transactions that are taking place. The network is backed by the powerful hardwares that carry out the calculation in effective manner about each block that is being created.
The Actual Catch:-
This technology has a lot of potential, but there are certain addressable issues to make it more successful. For instance, the speed of the transaction is one of the issues. A lot of time, the check-in and check-out time of the user does not sync that has an enormous impact on the desired output. Also, large number of the network of block requires a lot of electricity.
Block Technology implementation has proven effective so far. Improvisation in the same shall certainly lead to more revenue for the globe. So, let’s stay optimistic!!!