Hello Dear ones
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Don & Alex Tapscott, authors Blockchain Revolution (2016)
Most of us who are being online quite more than half of their whole day better knew about cryptocurrencies ( as what we call it and other similar coins), BITCOIN which is a fire brand among those. It is amazing to think on what basis or technique this type of digital currency works and what is the technology under the framework of which it cryptocurrency operates.
The technology supporting cryptocurrency is a blockchain technology Originally devised for the digital currency bitcoin, allowing digital information to be distributed but not copied. In Simple way to describe blockchain in words of bitcoin, we can say “A block is a history of every bitcoin ever made and spent along with unique (without being open to anyone about transaction) identification”. There is no server altogether which control the system or there is no single one who controls it but it works on peer to peer control system i.e the operator (computer personal dealing with it) hosts blockchain data onto his/her own system without containing any scrap of it on the system thereby distributing the data world over online hence is difficult to defraud or shut it down.
A distributed database
Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.
Information held on a blockchain exists as a shared — and continually reconciled — database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
Block chain is a general purpose information store which emphasized on verifiability. The tech community is now finding other potential uses for the technology not only cryptocurrency but this technology can be helpful in all sort of data source involving transactions between multiple entities. For a commoner blockchain is a complicated thing. It is kind of database making and mantaining, a protocol and an ecryption method as well as a ledger in itself. Its distributed design adds complexity to its setup. It is handled by a large community that is verified by public online. One thing is to be kept in mind that a blockchain is not to store a short lived data for short time. Confidential data on this chain is initially be avoided. Once data is put on to the ledger erasing is almost not possible thereby hack or corruption is nullified. But its drawback is that once your old ledger is maintained it cannot be altered it keeps on compiling and adding to be archived against the rare eventuality that you need to retrace a series of events months or years ago.
As the block chain gets popularity, demand grows for ways to store and retrieve historical blockchain records.