What is a blockchain and how does it work? There is a lot of talk these days about the Blockchain, what is the performance of the Blockchain and in what context is it used? In this article, we try to explain the Blockchain to you friends and companions of the digital currency site in simple language along with pictures. Stay with us.
Explain blockchain in simple language
Simply put, blockchain is a system and technology for recording and reporting information. Blockchain has become very popular due to its high security and impenetrability. The operation of this technology is such that the information registered in the system will be distributed and shared among all members of this network. There is no need to worry about entering information because it is done as a highly advanced encrypted system.
At first, the blockchain system was introduced with the unveiling of Bitcoin, which is the flagship of digital currencies.
Below is an example for a simple understanding of blockchain:
Consider a friendly group writing a number on a white sheet of paper and holding up the sheet so that the whole group can take a picture of that sheet. Now you destroy the tab, but this is not acceptable to others because everyone will have a copy (image) of your tab.
Now consider this friendly gathering as a gathering of several hundred million people, who will make millions of copies of the original version each time the information is recorded and edited. Also, blockchain is not limited to bitcoin and has been used in other currencies such as Atrium, Bitcoin Cash and other digital currencies.
The group that uses this continuous coding method can be a limited group or a group of several hundred million people, such as the digital currencies Bitcoin and Ethereum.
Blockchain technology can be set up and set up for a limited number of individuals or organizations, called Enterprise blockchain. But in general, the implementation of such a complex system in an organization may not be very focused on specific individuals.
Blockchain function
In this section, we will explain to you in more detail how the blockchain works and how it works.
If you look closely at the word BlockChain, you will notice that it generally consists of the words Block and Chain. So blockchain is a chain of blocks.
Any good or bad information can be recorded in each block. Eventually the blocks will be connected to each other in a chain. This formed chain is called the Chinese block.
In blockchain, all blocks have an encrypted code called a hash, which also has a previous hash block.
What is the use of blockchain?
The use of blockchain in today's world is increasing day by day. But its main application is currently in the field of digital currencies such as Bitcoin and Ethereum. This technology has dramatically increased the security of digital currencies. For example, it has eliminated the possibility of re-spending or cheating a bitcoin unit, which is one of the most important uses of blockchain.
If we want to ignore digital currency, the application of blockchain technology can be used in other places as well. For example, in an organization where very important and confidential information must be stored for certain people. Only a limited number of people with permission to view and edit this information can use Blockchain.
Due to the emergence of Covid-19 heart disease and the absence of many important meetings and gatherings such as elections, with blockchain technology, voting and elections can be conducted in complete secrecy and with the highest level of security.
Conclusion
Blockchain is a new and emerging technology in which it is possible to record any type of information permanently without the possibility of deleting and editing.
This system can be considered a database, except that it is not centrally located on one or more servers. It is mounted on all systems that are connected to blockchain technology. This makes its information impenetrable and deleted and hacked.
Source:
Wikipedia.org
