BLOCKCHAIN: INVISIBLE TECHNOLOGY IN A CYBER NETWORK, WHICH CHANGES THE WORLD CRYPTOECONOMICS

The World Economic Forum’s expectation is that by 2025 it might conquer an estimated 10 percent of the GDP around the world. This implies in the precise not so distant future digital forms of money (cryptocurrencies), for example, Bitcoin, Ethereum, Dash etc. it will be utilized in all places.

Initial onwards we need to know about blockchain technology, what the block-chain utilize cases are before mass appropriation starts. currently, the speed of improvement is moderate because of learning gaps and restricted ability between in the blockchain business.

What is Blockchain?

The blockchain is a distributed database that keeps up a persistently developing list of records. These records, called blocks, are anchored from altering and update as each block contains a timestamp and a connection to a past block. These are the basic building obstructs for BitCoins and different digital forms of currency.

How is BlockChain is work?

Let’s tell about BlockChain is work? let say a simple example, 1BTC(bitcoin) is being transferred from Alice to Bob. First of all the above transaction is converted into a unique cryptic short form (no repetitions, attack less, efficient storage) through cryptographic algorithms (SHA 256 in case of bitcoins). This cryptic short form is stored in a block and it’s approved by Alice with his/her secret key and its public key is sharing with Bob. The block is a part of a blockchain which has past transaction, and once a transaction is completed then it will go into the blockchain as a permanent database. Every completed transaction of blocks, a new block has generated. All blocks have linked to each other like a chain.

image source: Blockgeeks

Blockchain Properties:

1.Cryptocurrency
2.Computing Infrastructure
3.Transaction Platform
4.Decentralized Database
5.Distributed Accounting Ledger
6.Development Platform
7.Open Source Software
8.Financial Services Marketplace
9.Peer-to-Peer Network
10.Trust Services Layer

Why we use Blockchain Technology?

• Immutability
• Security
• Redundancy
• Overhead/cost reduction
• Accountability/transparency

Alternative source: Tecoquest