Not late to yet, early start the gain the knowledge about blockchain technology .
When i started college i don’t know about any type of technology .when time is passed away our college professors give the guidance about various technology. Many times i ignored that what is this much information given us but one day our respected sir said about the blockchain technology i listen him. Then ,i search about the blockchain technology. But i am not that much go through this technology. So basically time is yet available so start the gain the knowledge about any technology during this quarantine time . This time is so precious for us to gain the knowledge about any technology so i chhosed blockchain technology for understanding the basic. So you don’t think about the past time just move ahead and early start your personal skill development and gain the knowledge about the various technology.
What is blockchain technology?
- “Blockchain” — word sounds like that is complex but secure and trending technology.
- Blockchain is a basically chain of blocks.
- Blockchain consists two word block and chain.
- In blockchain, the digital information stored in “blocks” in a public database that is “chain”.
- Blockchain is distributed ledger it means it is a database that is consensually shared and synchronized across multiple sites, institutions, or geographies, accessible by multiple people.
- Blockchain is based on a peer-to-peer (P2P) topology.
- Blockchain is a distributed ledger technology (DLT) that allows data to be stored globally on thousands of servers — while letting anyone on the network see everyone else’s entries in near real-time. That makes it difficult for one user to gain control of, or game, the network.This is the main advantage of this technology.
- Most of the people worried about their databases because in the digital world transactions are done through online so security is play an important role in transactions. so that’s why blockchain is trending technology.
Different parts of block:-
Block consists three parts:-
1) Data
2) Hash(specific value)
3) Hash of previous block
Blockchain with example:-
Here i explianed the blockchain with the use of example . you show the picture as above,
As shown in the fig, blocks contain the data, hash value and the hash of previous block. First block contain the hash as a 1Z8F and the previos hash as a 0000 because it’s a initial block .similarly all three block contain the all parts of the block.
How blockchain transactions works?
- Some person requests a transaction. The transaction could be involved cryptocurrency, contracts, records or other information.
- The requested transaction is broadcasted to a P2P network with the help of nodes.
- The network of nodes validates the transaction and the user’s status with the help of known algorithms.
- Once the transaction is complete the new block is then added to the existing blockchain. In such a way that is permanent and unalterable.
So these are the steps for the transaction of the blockchain.
Application of Blockchain:-
Here some of the application of the blockchain technology.
- Blockchain business-financial services
- Blockchain healthcare
- Blockchain music
- Blockchain identity
- Passports
- Birth and death certificate
- Personal identification
- Blockchain IOT(internet of things)
- Voting mechanism
- Advertising insights
- Real estate processing platform
here you see that ,application of blockchain are divided into financial and non-financial.
Non-financial:-Authentication,Real estate , digital identity , smart contracts,app development, IOT
Financial:- Data storage , currency exchange , P2P transfer , ride sharing, trading platforms ,gaming.
Pros and Cons of blockchain:-
Pros:-
- Security
- Process integrity
- Distributed
- faster processing
- Traceability
- Transparency
- Decentralization
- Fraud free
- Stability
- Immutable
Cons:-
- Power use
- Cost
- Data modification
- Complexity
- Need more resource
What is the future scope of blockchain in india?
Blockchain is used all over the world for the security purpose.
- In india ,the demand of blockchain technology is comparatively more in the southeastern states than the northern states.
- Jobs in blockchain sector are in high demanded.
- Bangalore leads in blockchain sector.
- Mumbai,Pune,Hyderabad and chennai make up the top level destinations for blockchain career opportunities in india.
- New Delhi and other places like noida and mohali is also experiencing an increasing rise of blockchain sctor jobs.
- In Banking sector, most of the banks are need secure and safe transactions so blockchain is the perfect for secure transaction .
- In Healthcare sector, the government of india is already spending a lot to boost its healthcare sector.
- Thus, in addition to all the sectors , India can aim to use blockchain in various areas as online advertising and space technology.
Blockchain and Bitcoin:-
Blockchain and bitcoin are both different.
- Blockchain is a technology which is use for transactions.
- Bitcoin was named the top performing currency four of the last five years.
Most of the people said that bitcoin and blockchain are same but that’s wrong .So basically ,
“Blockchain is not Bitcoin, but it is the technology behind Bitcoin.”
As shown in figure , blockchain is not equal to bitcoin as i already said.
- Bitcoin is a cryptocurrency, while blockchain is a distributed database.
- You can’t have Bitcoin without blockchain, but you can have blockchain without Bitcoin.
- Bitcoin was a first application of blockchain.
- Bitcoin transfers currency between users, while blockchain can be used to transfer all sorts of things, including information or property ownership rights.
At the last , keep learning and always try to learn something new for our betterment and upgrade ourself. here, i gave very basic fundamentals of blockchain technology for the beginners.
