Blockchain - Potential Innovative Technology

Introduction 

 

Blockchain is a technology that has the ability to build new structures for economic and social pillars for our society. At a primary level, blockchain is basically just a chain of blocks, but not in a classical way. The word block is used to represent ‘digital information’ and chain is used to represent ‘public database’.

 

Blocks on the blockchain comprises digital bits of information. Precisely, they have three parts:

1. Block holds data about transactions like the time, date, and currency amount of your recent investment.
2. Block holds data about who is engaging in transactions. A block of your investment will have information about your name and the asset where investment is made. Rather than using your actual name, your investment is recorded using a “digital signature” type of username .
   
   
   
   
3. The blocks stores info that is distinct them from other blocks. Each block accumulates a unique code “hash” that helps to distinguish it from every other block. Hashes are made from special algorithms of cryptographic codes. Even your specifics of new investment might look alike the old ones but we can differentiate it because of their unique codes.

The two major qualities of blockchain that has put the technology world in astonishment are linked. The fundamental is the decentralized system competence. The certainty that blockchain application removes the requirement of medium to provide trust means it can make many process less costly and more dynamic in nature. The most effective example is sending payments and banking systems.

The second quality is that it is independently a very safe and secure technology to work.Its decentralized behavior and algorithm of cryptography make it resistant to attack.As a matter of fact, hacking a blockchain is next to impossible.

 

Why can't blockchain be hacked?

 

Blockchain technology is composed of different technology that can be used together in distinct ways to create distinct output. It is an open code and can be boundlessly modified. The foundation of blockchain is the decentralized digital ledger of transaction.

 

 

At a standard interval, clusters are verified for transactions and are placed collectively and cryptographically sealed in a data ‘block’. Making a change would result in different hash output once the block is released. This new hash generated will be out of correspondence with the ‘stamps’ that were processing in the system resulting in alerting the system which will rebuff the released block.

 

 

For an alteration to be made in blockchain, at least 51% of the participating nodes have to authenticate it. For new transactions, this implies that 51% of the network must satisfy the authentication criteria i.e. the authorized owner is making the transfer. In the situation of bitcoin, the operator must present a private key, proclaim ownership, and a public key that impersonates the ‘address’ of the digital wallet the bitcoin is occupied in.

Thus in an era where cybersecurity has become the core issue of personal, professional, cooperative, and national security, blockchain is a potential innovative technology.