Wednesday, 9 August 2017

What's Blockchain in a plain English?

Blockchain is just a type of database which continuously maintains the list of records called blocks. Each block has a timestamp and a link to the previous block. The data in a blockchain cannot be modified, they are resistant to update. With the use of end to end network and distributed server, a database is managed automatically by itself. This is an open ledger which can record transaction between two parties effectively and verifiable way. 

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These is a database which is secured by design. This is an example of fault tolerance with distributed computing system. This kind of functionality helps blockchain to record any kind of critical records like bank transactions, amount, medical data, etc.

The blockchain was first of all introduced by Satoshi Nakamoto. In the year 2008 and implemented 2008 as a main component of digital currency bitcon.

In blockchain there is not any main copy in which all the data is stored. If a person wants to change his data copy, it will be shown as reflected until the file is verified by verifier. Because of this the chances of security breaches or hacking reduce. Blockchain uses public and private keys to encrypt. Here the private key is only with the receiver or owner, it is not shared anywhere. At the time of transaction only public key is shared. Here public key is also in encrypted format.

There are some disadvantages of blockchain:
The transaction part takes too much time. As transaction verification process is too long it takes more time compared to other technologies.
It consumes more storage.
It is costly in comparison with other technologies.  

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