What is Blockchain Technology

 BLOCK CHAIN TECHNOLOGY

You may have herd of crypto currencies like bit coin and ethereum. Today I am to going to tell about the back born of such crypto currency.

The block chain concept was first introduced to the world in 1991 by group of publishers. At that moment, all they did was put a time stamp on digital document.

Then we cannot change the date it was created and the changes made to it .but until 2008, a research paper about bit coin was published by person called”sathoshi nakamoto “the concept was not widely discussed in the world. This block chain is back bone of crypto currency like bit coin, ethereum . that means most of the currently used crypto currency is built on this block chain network.

Bit coin is a distributed ledger

You can see the diagram above what is the difference between centralized (A), decentralized (B), distributed (C).

CENTERALIZED (A)

When this called centralized, everything is gathered in one central place and everything is done from there.

DECENTERLIZED (B)

These are distributed across locations, which mean that when we buy a service like Google, it has data centers all over the world, and if a saver goes down in one location, servers in other locations don’t go down. This is called decentralized.

DISTRIBUTED (C)

We can take distributed as a fully centralized network. A block chain is the public ledger of fully decentralized network. No one can claim individual rights to the data contained therein.

Let’s start with crypto currency as an example and understand block chain technology.

Imagine what you would do to send $100 to your friend. You go to the bank, you go to the bank, and you say this to someone who works at the bank. I want to send this $100 to my friend." Then the bank takes your money and puts it in their account and transfers the money from that account to your friend's account. Then we have to trust the third party called the bank. Me and my friend.

Suppose there is a person named A

There is a person named B

Imagine if person A wants to send money to person B, that person tells the BLOCK CHAIN​​NETWORK that he wants to send this amount to person B, and then a report is made in the BLOCK CHAIN Network. Person A has transferred this money to person B at this time. At the same time, the message is broadcasted by the BLOCK CHAIN ​​NETWORK .Then both A and B will know that they have done this transaction because they are in that network. Then A can send money to B without any problem. Without the intervention of third parties. After going forward, many more people will come called B/C/D/E/F, and then all of them can exchange each other's money. Then everyone knows who sent the money to whom and when they sent the money.

And if someone says this

If I say that the money I sent was not sent at this time, it is not necessary to prove it because everyone else has a record of that transaction. At this time he said that he had sent him the money. For someone to commit fraud or theft in this BLOCK CHAIN ​​NETWORK, all those records must be changed.

Let me explain a little about the inside of the block chain. A block chain is a list of records. It is cryptographically intertwined. The data structure here is shown below.

Then we cannot change a record put in the block chain. After placing

A block chain has three grant blocks.

·         DATA

·         HASH

·         PREVIOUS HASH

The hash is like the fingerprint of the block chain. A block can be uniquely identified by its hash. The data section can contain anything. These are the parts that can be included in the data part of a crypto currency block chain.

·         SENDER

·         RECEIVER

·         AMOUNT OF COIN

You may have heard about Bit coin mining. Crypto currency mining is one of the tactics used to maintain the security of the network.