Blockchain itself defines it, means the chain of blocks, which means blocks are placed one after another in the form of chains. Blockchain is a distributed & immutable ledger used to store some data. Blockchain technology was first introduced by Bitcoin. Blockchain in Bitcoin is used to store data like timestamp (date, time), transaction amount, transaction details (Addresses of participants), the hash of that block, etc.
Main Key points of this article
- How does Blockchain work?
- Advantage of Blockchain technology
- Examples of blockchain technology based projects
- Experts Opinion over Blockchain Revolution
How does Blockchain work?
Imagine, a block of the cube is connected with another block and similar numbers of multiple blocks are connected to each other in a single line system.
Now suppose, a ball is in the block and we have to transfer from one end to another end.
In a practical example, we can do it by giving a push from one of the edge block of the whole chain and it will transfer the ball to another end.
Clearly, no one controlling the transfer of the ball from one end to another except the sender & receiver.
Similar things also take place in blockchain technology. Where nodes help to send/receive/validate the transaction data value.
Nodes are points that are specially designed to receive & send the information to Operate the operation in the blockchain consensus with reliability & storing records of transactions.
Nodes concept is not limited to send/receive signals, there are many types of nodes that exist in blockchain technology. And nodes can be designed in multiple ways for multiple functions to perform. To know about nodes in more detailed explanation visit here.
Advantage of Blockchain technology
In the present time, Blockchain technology is the most secure existing technology.
We can trust blockchain technology blindly because no type of hack has been seen in history.
While one can access a platform which is using services of blockchain technology but no one can access that Blockchain technology-based application/program. All the blockchain programs are based upon DApp and they are unhackable even if one can get access to the program. Because he can’t alter the data of the blockchain program. For example, we can’t change the number of Bitcoin supply which is fixed to 21 million.
Because of the reliability of Blockchain technology, many big companies & financial government institutions are moving towards Blockchain technology.
Most common examples of blockchain technology based projects are
- Central Bank Digital Currency
- DIDs project by ION & Microsoft
- Data transmission Based Projects
- Cryptocurrencies like Bitcoin, Ethereum etc
These are the most common examples of blockchain technology.
Experts Opinion over Blockchain Revolution
Experts believe it is the beginning of Blockchain technology. There are many things that will be invented by next-generation developers.
Even in the present time, we can see, within 10 years, we achieved lots of success.
Bitcoin was started with Proof-of-Stake based consensus and now the consensus is changed into Proof-Of-History with the Solana project, which is able to beat all existing payments services through its high speed, transaction fees & reliability of operations.
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