what is the blockchain technology and how does it work?
In a typical time frame, all the encrypted data in the transaction is made in a single block, with the total amount of money or assets traded around the world. A distributed and the decentralized laser is basically called blockchain, which is completely randomly arranged by that block. It looks like muddy, everything! Bitcoin Who We Are Now Many Here is an example of the block chains we are talking about, Bitcoin Blockchain. Bitcoin is a cryptocurrency that is operated using a blockchain.
In order to record all transactions in the bank, all branches have a large size book. The banks which use banking software have these records in the database. Maybe, that old book is also there. This big size sheet tells laser. So, for a valid transaction, you must have the signature of the bank laser. The blockchain is such a laser, where there are many such blocks in one after another. All the data contained in each block, all the data that has been transmitted all over the world at a time. This data is open but encrypted. Everyone can see this data but to get a private key to read. This means that if you have done transactions here only you can read all the information about your transition from it using the private key, and no one else can. But what people will see is the amount of transaction. But who has come to whom the money cannot be known this way? Because only the address will leave the money. There will be no identity.
The picture below shows how a transaction can be seen. Each block of blockchain is completely irreversible. Once a block is added to the chain, it is impossible to change anything. The blocks are sitting in the order of their creation as well. Every block knows before that there are no blocks. Thus, a block connected to another. Blockchain distributed and degranded system, that is, all the world's same blockchain users have a complete carbon copy of special blockbusters. So if one or a quarter of the server or computer is nested together, there will be no blockchain.
There are some data in every block –
This is the starting block, the Genesis block in English. Now there is no block since this block, so the index of this block is 0. Remember the indexing of the block is starting at 0. After this, when this block was created. Blockchain This History remembers the time frame name. As this block was created on July 27, 2017, Thursday GMT 2:30:00. There are some blocks in the blocks where there are blocks. Suppose this is a text.
Then comes the hash or hashing. Another big post can be written about it with details. A block with a hash is made simple by the hash, and the previous block with the previous hash is validated/linked. Here is the PREVIOUS hash 0, but the current hash 000018035 ... why is it? The current hash was supposed to be one, is not it? There is a reason behind it, which will be said in the hashing. For now, remember that this is an address that can validate the current hash and link to the previous and next block.
Nonce then; in this nonce, a number generated is 56551 which means that the whole system has to repeat the same process 56551 times, and after that, it has got this particular block.
Cryptography is involved in this whole topic
What is cryptography?
Data storage and transfer procedures where only certain people have the ability to read and work on that data. Cryptography uses some techniques, such as data storage via microdots, store text and images in one place. What does it do that does not know how the whole system works; he can find out the meaning of something. Suppose you look at Radish's picture below –
You see the radish, I'll ask for a PayPal but the Radish and PayPal behind the zoom laughing. The people who know them know exactly what the significance of this fundamental is, but you do not understand the reality of the masses, so you have been selling zoom with PayPal by showing the price. Even though there is no cryptography, there are cleverness, cryptography, and soap. In such a way, designing the system will be understood only by those people. You will see only pictures, but the pictures will be hidden behind the different meanings.
Modern cryptography arranged on four basic motivations
Only hidden information on the system will be understood by those people, not for everyone.
The system's information cannot be changed in any way, the sender (sender) and the receiver (s receiver) will get the same information. When the data is transmitted, the system will be able to catch it when it tries to change the data.
During the whole time of data transmission and the data is transmitted successfully or any of the parties on the part of the data creation will not be able to claim that they are not connected to this process.
Where both the data comes from and where it is going, can verify what comes from or who is coming from.
If you want to learn more about cryptography, you can see this course –
Come back to the blockchain again. Everyone talks about block chains. It is said that if the Internet is 2000, the block chains will be 2018 and all the world companies will be forced to use block chains within 2027.
If you want to know why it should be
Every company will use blockchain by 2027
Why is blockchain important?
In chronological order:
Blockchain is a shared public laser where every data is transmitted in the transaction and anyone in the system can see the data. In addition, there is a unique ID for each block, and a reference link (hash) that is linked to its previous block.
This means that there is no change or modification. Once a block system has been verified and it is added to the block chains, it will not be possible to modify, modify or modify it.
The whole data system is shared with everyone and automatically updates. It's called Distributed Laser.
The most interesting part of Blockchain is that the Blockchain does not like third party or middlemen and the whole system is arranged in such a way that no single identity has any centralized data stored in it so that they can become mediocre and can take advantage of the system.
All data stored in the blockchain (all nodes) open to all of the system. Anyone can see the information as needed.
Impossible to forge (tamper-proof): There is no shortage of crafty people in our society who do something that they cannot afford for their greed. This is because the reason for the hassle of banking in the country's banking sector is because of the greed of a handful of few people, their support of the sea, not the answer. As a result, it is possible to loot the bank by showing it on paper and its liability is to be repaid. Wherever there is VAT-tax, the price of commodity prices is very high. These are not possible on block chains. Once the data is verified, it is not possible to change the data and get the benefit.
That's why the people of the banking sector cannot tolerate the blockchain! ;)
Now let's talk about some use of Blockchain
What do you mean by the transaction you asked before? The transaction is the name of the third party in exchange for anything between two people. It was so long. And this third party always frees you.
But block chains to remove this third party completely.
There will be a system where you do not have to take help of a mobile operator or a shopkeeper in a money transaction; no one will have to tell whom you are sending your money to, who can transfer money at a very low cost!
What do you see in the blockchain?
Well, all I understand, how is the transaction validated?
Each Transaction validation in Blockchain is done with a double private Key (cryptography) key. Every user at the blockchain is a public key owner. This public key has its own private key. Every public key and the private key is unified connected with them (with random numbers)
An example of a public key –
3048 0241 00C9 18FA CF8D EB2D EFD5 FD37 89B9 E069 EA97 FC20 5E35 F577 EE31 C4FB C6E4 4811 7D86 BC8F BAFA 362F 922B F01B 2F40 C744 2654 C0DD 2881 D673 CA2B 4003 C266 E2CD CB02 0301 0001
And since the public and private key connected messages sent to a public key are encrypted, it is possible to read with the private key that is only related to the public key that is encrypted with it. For this reason, this security has been added to BlockChain, so your data will always be safe. Besides, another guarantee for the system is that the digital signature is a digital signature.
Now, if I give it to a block, then my network will allow me to accept or disallow this transaction by checking my public key and checking my signature. If approved, my system will be accumulated, block life will remain in the history of blockchain and it cannot be changed in any way. Think about the extent to which a system could be used to save the case - litigation/data to save the land.
Can understand the importance of how much? In this article, you have seen the level of the Big Beginner. There are still some fundamental topics left to discuss in this article that the writing will be bigger and can be boring.
The future in the Blockchain
Banking - There will be no bank in futures. Even if we see the bank now, there will be nothing. Personalized peer-to-peer banking has already started. Bitcoin and Cryptocurrency are proof of it. And this banking system will lead to the Blockchain based community/software company.
Agen bank will not be there as a middleman. As we now see PayPal, we see all these systems will come in this huge change, a solution that is discontinued from the Centralized Solution.
IOT — https://filament.com/
https://arcade.city/ Uber and Pathao Rival :P
These are just some examples. From Hospital to Electricity, sports or e-commerce, everything will be seized by Blockchain.
This article can read about how blockchain can eliminate poverty----Read
Now know about and work on blockchains. Thanks to all the people who have read this article from the beginning and have come so far. If you are working on a Blockchain based service, I would love to contact you
Thanks All Crypto Lover