What is blockchain?
A blockchain is a decentralized & public, platform where digital ledger consisting of records called blocks. It is used to record transactions across many computers if any data goes through blockchain that can’t be reverse.
In simple language, blockchains are digital records that ensure your digital assets (i.e. NFTs) which proves your ownership, and complete freedom of movement.
How does blockchain works?
- Basically in a database blockchain stores information as digital format & confirm transactions through blocks making a chain system.
- When a Data entered in a block, Once the block is filled with data. It linked to previous block using cryptographic hash.
- Once the data filled in second block that can’t be reverse to previous block and it’s highly secured with hash.
- After that a hash public address will generate And there block creates history which can’t be destroy or anyone can access this history through public hash.
Blockchain & difference between Bitcoin, Ethereum
- Bitcoin is a digital data called currency which works on blockchain Technology. In 2009 Bitcoin is created by Satoshi Nakamoto and they announced it as a digital currency where no one will be third party.
- Blockchain Technology was created in 1991 by Stuart Haber & W Scott Stornetta both are researcher implement this for helping where documents could not be tampered.
- If we Talk about Ethereum it’s a network and currency also. Ethereum basically depends upon blockchain and confirm data transactions through blockchain crating little fast un tampered chain network called Ethereum.
- While we make transaction on blockchain we have to choose a network like Ethereum where we have to pay some transaction fees like their own currency. Every network need their currency as transaction fees for data transfer in their blockchain like Like Ethereum, BNB , Polygon, Avax etc.
Benefits of Blockchain
- Transactions on the blockchain network are approved by a network of thousands of computers. This removes almost all human involvement in the verification process, resulting in less human error and an accurate record of information.
- If we compare banking industry with blockchain while banking service open 6days and 9 to 5 pm in blockchain 24*7 with 365 days.
- While limited people access banking transactions history in blockchain it’s an open source and anyone can access this.
- While Banking system control by government blockchains are freely decentralized and While Banking transaction take 24-72 hours max Blockchain makes it 5-15 minutes with low cost.
- Blockchain transactions are more secure and non tampered.
- • We can own our digital assets through blockchain and can prove ownership.
Future of Blockchain
- If we talk about future of Blockchain from starting 10,000+ blockchains are already created in industry. A lots of MNC and ventures are interested to invest in blockchain projects. As we know from starting of web 1, web 2 how much grown. In this way web3 is going to make another different in blockchain industry.
- In web3 we can trade our digital assets through blockchain and can use email, domain service.
- A few days before south Korea announced for their digital identity will based on blockchain Technology. Slowly slowly people’s are start learning about blockchain and their use case.
Thank you for reading this.
