What is Blockchain

Fed up doing c/c++, java, python courses, and want to explore something interesting, here is my next blog guys taking you all away from real coding to a more important and emerging technology being unnoticed from you all. Believe me or not, it has the potential to change the future of technology and mankind. I know y’all might be thinking that Artificial Intelligence and
Machine Learning will dominate the coming years in IT sectors, but this is a bit different from what you think and what you’ve heard till now. We’ve to keep our gate of knowledge always open to the things we aren’t aware of. You never know when and where you would encounter an opportunity for the same.

INTRODUCTION

Yes! I know! You are eager to know, so buckle up guys there is a knowledge ride coming up for you all. Giving you all the gist of the blog, it is based on the Block-chain technology. Telling you all the truth, I was really clueless of the term so I researched about the same and while doing so I thought that this should come into knowledge of all who are connected to me and writing a blog on the same is always a preferred choice than anything. Some of you might be aware of the same but I highly recommend you all to just go through it once. I hope that by the end of the blog the people who doesn’t know anything about the above technology will create a better frame set and would get inspire to search for more than what it mentioned. This blog is not just for the people with coding/technical background but for those who seek to learn and explore new technologies.

In this blog I will be discussing
What is Block-chain?

Why we need Block-chain?.

WHAT IS BLOCKCHAIN?

First of all, you must deny the myth that ‘Bitcoin is the block chain’. While the people were searching ideas to present block- chain, it was pseudo-developer Satoshi Nakamoto, who developed digital crypto-currency ‘Bitcoin’ in 2009, underlining block-chain as the technology used. So Bit-coin is just the use case of block-chain. Block-chain is basically considered to be the record keeping tool. Logically it can be understood as a block of chain
where a ‘block’ is known as data stored in distributed public database known as ‘chain’. Block-chain is a real world example of peer-to-peer (P2P) network where data is shared among all peers/nodes connected to this
network. Block-chain can be thought of as an electronic ledger
where one cannot change the data but can add the data. This ledger is distributed instead of centralized so that it is open to everyone.

NEED OF BLOCK-CHAIN?

When a technology comes into existence, the question arises to most of the minds is that why we need block-chain in today’s world? To answer this question I will take the help of an example by which you can easily understand the need of the above technology.
Suppose you have a land which is passed on to you from your ancestors. According to the law you must have the official registry papers to claim the property. Now if suppose someone has a grudge against you and plans to confiscate your land. One just has to take over the registry documents which can be done by any means and modify the name. You will be now defenseless because you lost the way to prove it legally. This incident
happened because only you had access to the record (i.e, documents). Had it been available to some more people you would have witnesses and proves to take it over again. Block-chain does exactly the same thing which is missing in the above real world scenario. As mentioned above block-chain is distributed ledger which means every person/computer connected in a network has a copy of record of each and every transaction a person does, so whenever somebody thinks of tampering with someone’s data he/she has to modify the data in all the computers connected in the network, which becomes nearly difficult hence makes the block-chain network most
secured till date.