What is Blockchain in Simple Terms?What is Blockchain in Simple Terms?
BY ADMIN / ON 19 Oct, 2019
What is Blockchain in Simple Terms?
Blockchain is a technology, a way for an internet user to repatriate an ultimate piece of digital property to another internet user. But, the repatriation is purely safe and secure; everyone is known about the fact that transfer has taken place, still, nobody can challenge the validity of transfer took place.
Well, with the help of Blockchain, many people can write the entries into a record of information, and the group of users can access and control how the record of information is changed as well as updated. Blockchain technology is launched in 1991, but it was not used properly and then in 2009 SATOSHI NAKAMOTO made cryptocurrency by using Blockchain technology. The Blockchain is a Distributed Database which comprises data of thousand and lacs of computers interlinked. The Whole database of blockchain is encrypted which means each data present in blockchain is fully confidential. Blockchain posses a technology known as fault tolerant which means when some computers fail to function then too blockchain keeps their data confidential and secure. The Blockchain is a public ledger and it is not used for the sole purpose of currency transaction but it can be used anywhere where there is a need of mediator for trust, faith and guarantee.
Miners which helps in validating new transactions, connecting in existing Blockchain, broadcasting of updates.
Bitcoin block consists of three elements which are Data, HOPB, HASH Data consists of the amount sent by a person to another person, the HASH value is a unique identity. By using HASHES we can detect changes in blocks and HOPB is previous block’s HASH value, which is why Blockchain is considered to be the safest means of transactions record.
Proof of working in BLOCKCHAIN, how it works. Suppose there is new transaction took place like Ram has to pay 50 INR to Shyam. Now both the parties wanted to record this transaction into Blockchain then it can be recorded by miners using private keys and public keys. These keys are string of numbers which are of 256 bytes. Miners also have their financial motives behind updating of this transaction into Blockchain.
To make fake block valid hacker needs to calculate every block’s poof of work which is impossible. Blockchain is Decentralised network, block chain is used under peer to peer network
In nutshell suppose if someone made a new block, then the new block will be broadcasted in blockchain then each node verify whether block updated is valid or fake. If a new block is valid then it will be added to blockchain and if fake then it will be removed from the blockchain.
Suppose you want to register your new plot with the registrar. Now registrar is providing you with a certificate that you are the exclusive owner of this property. In future blockchain will reduce this paperwork. The concept which is launched is that you can directly update your transaction with the help of miner on blockchain and if every node accepts and approve it then it will be updated on blockchain and become a public document. But it will always be safe in blockchain, no one can hack it. So this way transaction took place and recorded in blockchain and a chain is created of new transactions or blocks.