Blockchain

Blockchain is the new technology slang nowadays. Are you wondering what blockchain technology is? Let's find the answer. Blockchain is a type of database. It stores the data in block form and these blocks are joined via chains. A popular example of blockchain is bitcoin. Simple right?

Let's explore more.

So how blockchain is made? A new block is created whenever there is new data and then that block is attached to the chain. There is no single person and organization which is controlling it, the blockchain is managed by multiple users. 

Structure of block

In blockchain, the first block is known as the genesis block. Each block contains the data, hash of the current block, and the hash of the previous block. The data depends on the type of blockchain. Hash is a unique identification key If we change something inside the block then the hash is also changed. You might be thinking if the hash of the current block is changed then its next blocks will be invalid because the hash of the previous block will be invalid? In order to resolve this, we have something called proof of work.

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Proof of work 

In proof of work, the creation of blocks is slowed down. Hash of all blocks in recalculated. If anyone tampers with one block then he/she has to recalculate the hash (proof of work) for every block.

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Acceptance Criteria 

Blockchain is shared in the distributed network which means it is shared between multiple users. It is distributed in a P2P network. Everyone is allowed to join and everyone gets a copy of the blockchain. Whenever a new block is inserted in the blockchain then everyone verifies if everything is correct or not. If everyone agrees, then the blockchain is accepted.

Pros and Cons

The main advantage of blockchain is it's decentralized which means it is shared with multiple users. Blockchain is one of the most secure networks. It needs a consensus before it gets verified. But there are disadvantages too, in some scenarios blockchain consumes a lot of energy, a user needs proper knowledge to understand its working and the data is not mutable which means a user cannot modify the data once it's inserted into the block.

Blockchain is a new thing for many people. Many of us are still learning about it. But the zeal of people may result in new advancements in blockchain in the future.