You must have heard the name of blockchain and bitcoin in recent times because it is being discussed in every sector of technology. So in today’s article we will know what is blockchain and why it is so popular and what is its use. Blockchain is today’s trending technology which is going to bring revolutionary changes in Banking, Finance, Supply Chain. To know about blockchain in detail, read this article till the end.What is blockchain how it works and uses
What is Blockchain?
Blockchain is a technique in which data or records are kept in a block using the Cryptography technique. Each block has a limit as to how much data can come in it and when a block is full, the data is filled in the next block. Every new block in the blockchain links to the previous block. Blockchain technology is considered as High Secure because the data in it remains in Encrypted Form.
It is called Distributed Ledger Technology (DLT) because it is a public ledger (Ledger) in a way that anyone can see or read. Nobody has control over the data kept under this technology, nor can it be hacked because the data in it resides in millions of servers, not just one server, it is also encrypted. And that’s why so many computers cannot be hacked together so that it is called Hack Proof System.
Blockchain is open source project which was built around 2008 and it is a Set of Algorithm above which no single person has control and it is completely public. Basically, Blockchain was created to keep the Transaction of Bitcoin for record keeping and Transaction itself. Bitcoin is transacted through Blockchain which is a Peer to Peer Network (P2P) which does not have a Mediator whereas the Bank acts as a Mediator in Rupees and Dollar transactions.What is blockchain how it works and uses
Who made the blockchain and why
In 2008, the blockchain was created by a man or group named Satoshi Nakamoto . After this, in 2009, we invented Bitcoin Cryptocurrency which is very popular today. Nobody knows anything about Satoshi Nakamoto, who he was and where he lived. Some people say that it can be the name of a group which is formed by many companies or many people together.
It is believed that Blockchain was created for Transaction of Bitcoin only so that Transaction can be done on a Peer to Peer Network, which does not require any third party. Now you must be wondering that who does manage blockchain and bitcoin, if it does not know the creator of it. We have already told above that this is an open source project in which no one has any control and it can be included in whatever they want. Therefore, it became an online community, due to which it improved a lot. Anyone can become a part of this community.What is blockchain how it works and uses
How does blockchain work?
Blockchain is completely based on P2P Network, meaning there is no intermediary to conduct transactions. In this, the records of Transaction can neither be changed nor deleted. In Blockchain, the records of Transaction are kept in different blocks as Hash Value and when one block is completed then the data is filled in another block and this block is linked to the previous block and thus the blockchain is created is.
So now the matter comes whether Transaction is automatic or manually in Blockchain. Let’s understand this with the example of bitcoin. Whenever there is a Transaction of Bitcoin, it reaches millions of computer servers in the blockchain and there are many Bitcoin Miners to Solve this Transaction and whoever verifies this Transaction first, something as Reward See Bitcoin. After Transaction Verify, it gets added to Blockchain. Transaction of Bitcoin can be seen at Blockchain.com .What is blockchain how it works and uses
Use of Blockchain
Considering its end to end encryption and privacy feature, it is being used in every field of technology. Whether it is a Finance Service or a Gaming Service. Let us understand this through some points –
You all must know that the first cryptocurrency bitcoin in the world works on this technology. Satoshi Nakamoto created Blockchain before creating Bitcoin to make this Bitcoin an Open Source. Bitcoin and other Cryptocurrencies such as Litecoin, Ethereum, Dash all use blockchain technology and operate on P2P Network.
This will be very helpful in Banking System and Money Transfer as it will be able to transfer money in Real Time 24/7 without any third party and with less Charges. Since there is no scope for hacking, it will help to prevent the ever increasing cyber crime.
Due to increasing use of data all over the world, there is a lot of problem in data sharing and there is not much transparency in this area. Hence blockchain can prove to be very helpful in data sharing. Apart from this, there is a lot of useless data on the Internet, due to which there is a lot of problem in surfing the Internet. But this problem can be solved by using blockchain technology.
Nowadays, in the registration of any property such as car, house, mobile, company, etc., many processes have to go through and sometimes even their ownership becomes difficult. But with blockchain technology all these will be kept in Public Ledger so that it can easily verify its ownership and its owner can see it on one click. Frauds that keep happening on land and house will decrease because its information will remain in Public Ledger which is completely Transparent.
Many big companies like Microsoft and GitHub are working on it. GitHub also launched its Digital Passport in 2014, so that they will be able to verify themselves with just one Blockchain Address. Smart devices like Smartphone, Smartwatch and Iot Devices can be easily accessed with the help of digital ID.
What are the chances of a career in blockchain
Accordingly, blockchain is considered a new technology at the moment, but this technology is called the technology of the future because there will be some kind of improvement in every field with the complete introduction of this technology. Many giants such as Microsoft, Facebook and Google are engaged in developing this technology. Facebook had also launched its own cryptocurrency on this technology. You can also read the article on the blockchain in hindi above about career in blockchain.
There is not much work on this technology in India right now because the Reserve Bank of India had banned Bitcoin, due to which the blockchain was not given much attention, but later the Supreme Court removed the ban from Bitcoin and the technology Ordered to work anew. This is because according to the Supreme Court, there may be a lot of demand in the future of Blockchain and Bitcoin and if this technology is not given special attention then India can fall behind in this.
So if we talk about a career in blockchain, then there is a lot of potential in it and many research has been done on it, which shows that this technology will lead to unimaginable change in the world. If you want to know more about this technique or want to learn it, then you can learn it online. There are many online courses that you can do at home for less money and if you learn it well then you can also create Cryptocurrency like Bitcoin.