Block Chain

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                           BlockChain 

C:\Users\admin2\Desktop\Blockchain.png


Record keeping can be a very tedious task. With a lot of responsibility associated with it, even a single error in recording the transactions or making the entries might lead to a grave mistake. Blockchain is a new method of record keeping. This technology has made it possible to keep records of transactions done on a large scale. Ever heard of Bitcoin? If yes, then you might have a clue what Blockchain is all about. 

In simple words, Blockchain, also known as Distributed Ledger Technology (DLT), is a new method of record-keeping having a decentralized system.  Blockchain helps create a database that can further be distributed or shared without letting others change the contents or put in false information.  It makes the history of a digital asset unalterable by creating a chain of digital blocks that contain the transaction details. Cryptographic hashing makes it even more difficult to hack this network. The very basic purpose that BlockChain serves is, it helps in sharing valuable data between people without any fraudulent activities. 

Block chain consists of three main parts: blocks, miners and nodes. Blocks store information related to the transaction. Every block has a unique identity and cryptographic hash while miners are responsible for creating new blocks on the same chain through a process called mining. Nodes on the other hand are the core of this technology. The main function of decentralizing the database is performed by nodes. 

The working of Block chain is fairly simple. First of all, a transaction must take place. Next, this transaction is verified through digital verification that happens in less than a second. Once the transaction is verified, it moves to a block where it meets another hundreds and thousands of such transaction details. At last, this block is given a 

unique hash which is in relation to the last block connected to the chain. Once the block attains its unique identity, it becomes a part of that chain. 

But what makes Block chain reliable? How exactly does it protect data and create transparency? The process of forming block chains is one which cannot be altered without exceptional technological knowhow and highly advanced gadgets. Also, no one organization keeps the record of the transactions. The information is open to all. An example of Google Drive, which helps you share documents without letting others temper the information, might be a close one to understand the concept of Blockchain. 

The critical areas of business that benefit from this technology are electronic currencies and payments. Bitcoin is a true example of Blockchain technology.  The way there is no intermediary in Bitcoin, Blockchain works on a decentralized system with no intermediary or core organization. Peer-to-peer approach is followed in Blockchain, which is similar to Bitcoin network connection.  

With ever-evolving technology, there is always a better way to make things work out. With cryptocurrencies coming on stage and paper currencies fading away, there is a need for such decentralized technologies to protect data. Digitalization has surely made things much more transparent and trustworthy. 

C:\Users\admin2\Desktop\neft.jpg

                                                                                                          - Ishan Arora 




REFERENCES 

https://www.google.com/search?q=transactions&tbm=isch&chips=q: transactions,g_1:cash:W01MvpvXvAU%3D&client=firefox-bd&hl=en&ved=2ahUKEwizjp_ooeLoAhWXzXMBHRPGCRcQ4lYoBHoEC

AEQHA&biw=1423&bih=786#imgrc=V4RjEChU0fvMOM&imgdii=MOW

7h4j6FP8WZM

https://www.investopedia.com/terms/b/blockchain.asphttps://queue.acm.org/detail.cfm?id=3376896https://builtin.com/blockchain

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