We have been living in times where it is difficult to track the source of any information, and while any information is being circulated, chances are that it could be tampered with. Ever wondered if one wants to sell a piece of land and the buyer wants to know the details of its first owner and identify how many times that piece of land was sold?
Well, it was extremely difficult until a decade ago. Technology, architecture and design patterns underwent major overhauls to address such complex challenges with minute nitty-gritties.
Introducing the cutting edge solution for such complex problem – The BlockChain. A really interesting concept of decentralising data storage policies while keeping their security intact.
How the concept of “Blockchain” was coined remains a mystery, as some say it was created by group of people and others say that it was the brainchild of one genius. Whoever created it, we are happy to benefit from it.
The name “blockchain” has been carefully coined, and its meaning is simple and straight-forward.
You have information that you put into a “block” and you have a series of such blocks connected with each other as a chain. One can go ahead and add information, and this information will be added to the chain as a “Block”. If anyone wants to modify the content of a block, even then a new block gets created, thereby preventing one from hampering the older blocks.
Though the technology is new, the concept of recording and maintaining information is not new. Since centuries, we have been maintaining information in record books, commonly and usually referred as a “ledger”. However, this manual “ledger” had its own share of flaws, as we did not have the right resources to keep a track of previous entries.
The same “ledger” concept has been extended and adopted for the new technology.
This very “ledger” unlike the traditional “ledger” is distributed and a decentralised ledger, is available on a public network, and is also known as the “Hyper ledger”. What is interesting to note here is that even though it is on a public network, it does not leave room for hacking or tampering of information.
How does blockchain actually work?
The workings of blockchain are fairly simple.
- All transactions will be treated as “information”.
- Each piece of information is recorded and treated as a “block”.
- This block can also be known as a “blockchain wallet”.
- Before this block is created, it is validated by network of computers.
- Once it is validated and verified, this block of information is attached to the chain.
For more information, please visit: https://www.startmetricservices.com/blog/what-is-blockchain/
