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BLOCKCHAIN TECHNOLOGY

WHAT IS BLOCKCHAIN TECHNOLOGY?

ALBERT EINSTEIN ONCE SAID THAT “IF YOU CAN NOT EXPLAIN IT SIMPLY YOU DO NOT UNDERSTAND IT WELL ENOUGH” TODAY’S GOAL IS TO EXPLAIN IT SIMPLY SO EVERYONE UNDERSTAND IT PROPERLY “BLOCKCHAIN IS DECENTRALIZED, DISTRIBUTED, PUBLIC LEDGER SYSTEM”. NOW LET US BREAKDOWN DEFINITION AND UNDERSTAND IT IN SIMPLE LAYMAN LANGUAGE. THE FIRST FEW TECHNICAL TERMS ARE DECENTRALIZED AND DISTRIBUTED. TO UNDERSTAND THIS WHAT IT MEANS TO BE DECENTRALIZED AND DISTRIBUTED LET US START WITH THE STATUS QUO NOW THE CENTRALIZATION. WHERE DECISION REGARDING THE ORGANIZATION ARE MADE BY CORE TEAM IS A CENTRALIZED SYSTEM. TODAY WE ARE HAVING LOTS OF ORGANIZATION MADE BY CHOSEN GROUP OF PEOPLE. BASICALLY, THEY ARE THE CORE TEAM WHO HELPS TO RUN THE ORGANIZATION. EXAMPLE OF CENTRALIZED SYSTEM ARE UBER, ZOMATO, OR OLA. IN CENTRALIZED SYSTEM YOU ARE BASICALLY GOING THROUGH THE THIRD PARTY. THIS THIRD PARTY IS HAVING COMPLETE POWER ON RULES AND REGULATION OF SYSTEM. DECENTRALIZED SYSTEM IS OPPOSITE OF CENTRALIZED SYSTEM. IN DECENTRALIZED SYSTEM SERVICE IS RULED BY N NUMBER OF AUTHORITY. ONE OF THE BIGGEST EXAMPLE OF DECENTRALIZED SYSTEM IS INTERNET. NOBODY OWN THE INTERNET BUT WHAT DOES IT MEAN TO BE DISTRIBUTED. SO, TO UNDERSTAND WHAT REALLY DISTRIBUTED SYSTEM IS LET ANALYZE AND UNDERSTAND WHAT IS THE COMMON REASON FOR A LARGE NUMBER OF DATA BREACHES IN PAST FEW YEARS. IN 2013 YAHOO BROWSER FACED HUGE DATA BREACH WHICH DIRECTLY EFFECTS USERS AROUND THE GLOBE. THE CASE OF DATA BREACH INCREASED BECAUSE COMPANIES KEEP ALL THE DATA IN THE SAME BASKET, WHICH MAKE IT VERY EASY FOR HACKER TO CREEP IN AND DO CREEPY STUFF BY DISTRIBUTING EVERYTHING EVERYWHERE. THE HACKER CHANGE THE DATA IN ALL THE PLACES AT ONCE AND THIS WILL LEAD TO BLOCKCHAIN WOULD BE DISTRIBUTED AND DECENTRALIZED. DEFINITION OF BLOCKCHAIN IS THAT BLOCKCHAIN IS OWNED BY NOBODY AND IT IS HAVING NO SINGLE POINT OF FUNCTION AND HOWEVER, IT IS DISTRIBUTED. NOW WE JUMP ON OTHER PART OF DEFINITION WHICH STATES THAT “BLOCK CHAIN IS PUBLIC LEDGER” A LEDGER IS LIST OF ANYTHING. THE WORD LEDGER WAS FIRST TO ORIGINATE FROM BANKS. IT MEANS A BOOK THAT CONTAINS FINANCIAL TRANSACTIONS. BLOCKCHAIN HELP TO SOLVE VARIES PROBLEMS AND ONE OF THEM IS MONEY TRANSFER. LET US LEARN WITH THE HELP OF EXAMPLE HOW BLOCKCHAIN HELP TO SOLVE MONEY TRANSFER PROBLEM. IF PERSON A WANTS TO TRANSFER MONEY TO PERSON B. LET’S ASSUME FROM INDIA TO AUSTRALIA THIS IS USUALLY DONE WITH THE HELP OF THIRD PARTY APPLICATION. WHAT BLOCKCHAIN IS ATTEMPT TO SOLVE IS, TO TRANSFER OF MONEY WITHOUT THIRD PARTY SO THAT PEOPLE CAN COMMUNICATE WITH EACH OTHER AND SECOND IS TO MAKE THE MONEY TRANSFER PROCESS FASTER AT CHEAPER RATES.

THE MAIN PRINCIPLE OF BLOCKCHAIN ARE

(A) OPEN LEDGER
(B) DISTRIBUTED LEDGER
(C) SYNCHRONIZATION OF LEDGER

 

CONCLUSION

IN THIS ARTICLE WE LEARNED HOW BLOCKCHAIN WORKS. BLOCKCHAIN IS BASED ON BASIC PRINCIPLES OF LEDGER THAT IS OPEN AND PUBLIC SO THAT EVERYONE CAN SEE THE TRANSACTION. LEDGER IS DISTRIBUTED WITH N NUMBER OF NODES THERE IS NO CENTRALIZED SYSTEM. BLOCKCHAIN REMOVE THE DEPENDENCY ON THE THIRD PARTY AND MAKE THE COMPANY INDEPENDENT. BLOCKCHAIN ALSO MAKE COMPANY VALUABLE DATA MORE SAFE SO THAT HACKERS CAN NOT HACK COMPANY SERVER.


6 thoughts on “BLOCKCHAIN TECHNOLOGY

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