Blockchain is a technology that allows the user to make transactions instantaneously on a network without any middle interaction. Transactions made by the Blockchain are completely secure and they are kept as a record of the activity made by the users. Cryptographic encryption ensures that no record of the transaction is kept as a not altered state.
Blockchain is a combination of data which are linked together to form a chain-like structure.”Block” can be referred to as the digital piece of information, “Chain” is referred to as the collection of this information that is stored like in a database which forms a sequential block of the information.
The information in the block is stored in a secure manner, which means the actual identity of the user is disclosed and the identity of any user is in digital signature format. The data or information in the block can be of any type like date, time, currency, transition state, etc. For example, if you buy a product on an E-commerce website then the data may be of the amount that has been paid, what kind of product, date-time, seller and etc information are of a kind block. The information stored in the blocks is unique, they can’t be of the same form.
Block is given a hash code that is unique, the block is also given a hash of the recently added transaction block to the blockchain. Once the hash is added the block is ready to be added to the blockchain, the size of the block can vary for different formats usually each block in the blockchain is able to store about 1 Mb of data it depends on the developers. It may be above or less than 1 Mb.
In the block-chain when a new block is added to the blockchain, the activity details are stored in every user’s account. This makes it a secure and unique feature, the information is although is same but it is stored in a different format. This makes it safer, when a hacker tries to hack anyone’s account he/she needs to have the details of the particular account holder in everybody’s account so it makes it a difficult task for the hacker to have everyone’s account in the network. In order to change a single block, a hacker would need to change all blocks on the blockchain. Hashes would take a large amount of computing power. Once a block is added to the blockchain it becomes very difficult to edit and delete, even if we change the hash values, the blocks will also change. In a blockchain, the blocks are added in the linear order so the block is added at the end of the blockchain. The position of the block is measured by the “height”. As of 2020, the height of the blockchain is 615,400.
The security of the blockchain is so high that if the hacker needs to access the block of any blockchain he/she needs a huge amount of computational power to crack the chain, and even if he/she cracks the chain he/she needs to have access to each user in the blockchain so only he/she could access this is absolutely impossible to do. Even many features in the blockchain make it secure, some of them play a major role in this, Consensus is used in the distributed blockchain network to accept for the true network and validate the transaction, and Immutability refers to preventing the alternation of the transaction that has already been confirmed.
Blockchain is an open-source and decentralized protocol. It provides a public that allows transactions between two or more users. Blockchain transparency is as noted that all the transactions in the blockchain are transparent to everyone in the network that means everyone can view the transaction. When a user sends a data request to an organization or any Non-Government Organization, a record of this transaction is recorded on the Blockchain public. It also works the other way, when an organization sends a data response back to the customer’s personal data-locker, a record of this transaction is logged on the Blockchain public ledger. These records are stored in multiple locations. This also makes the blockchain as a hack resistant. The constant innovation in the distributed database technology made an impact on the creation of blockchain this makes for the reduction in cost. Transparency as a public value by society to observe corruption, transparency with an open decision made by the government and any organization and the blockchain makes this complex procedure to be easier by making t as a transparent
Blockchain technology will include both centralized and decentralized models. It could promote the development of a larger ecosystem that includes both old and new innovations. It may become our future currency.
