Blockchain Introduction.

Blockchain

Block chain is a decentralised management a public ledger system which provides authenticity of transactions, in a network. A block chain is built with blocks, where blocks are linked together and secured with cryptography.

A block is a collection of information which is verified by all nodes in a network or blockchain and then added in an existing blockchain.

A block is created after a Proof Of Work (POW), which basically involves a lot of mathematical and computational complexities. However, feasible to calculate a hash for a block in a blockchain, if someone is able to generate a hash for a particular block chain is then rewarded with some bitcoins, and added into the network as a node to maintain transactions, who is so called a miner.

Every block contains a cryptographic hash function of previous block with a timestamp and date.

A block chain is a technology that can store transactions, records, certificates, shipping information, and other sort of information in a distributed peer to peer and a decentralised ledger.

Bitcoin was the first cryptocurrency, which used blockchain technology in 2008. Thereafter, a lot of companies and even banks are moving towards blockchain, just because it is not easy to temper information stored in decentralised database, to do so a hacker needs to change information in all millions and billons of computers or nodes, that is not feasible as of now.

The advantage of block chain is, a transaction is first verified by all connected nodes in a particular blockchain network and added in a block of information only when it gets verified from all nodes, this provides authenticity and integrity of transaction over traditional centralised database system.

Another advantage of Blockchain is traceability, By which you can track records, transactions back and forth.

Recently IBM, and wall mart adopted blockchain technology in their business, where wall mart is assuring that every product’s journey in their store can be track by their customers. Like if someone buying mangoes then there would be a bar or QR code which can be scanned

 through their application will give the customer all information about its journey means where it is came from, what fertilisers are used in order to grow that tree, how long it is been on that tree, what was the temperature used to grow mangoes and how long it took to get in the store, that’s how it works.

On the other hand IBM is using blockchain to store all necessary documents needed to provide to an authority during shipments and much more. Which makes thing crystal clear and fast and gives all the information about the thing and the shipment during its journey. 

Blockchain is a new form of Internet and looks like future technology, which can be implemented in number of fields, like business, education, web, electricity, and much more.

Disadvantage of Blockchain

Because nodes are responsible to manage all data no central authority needed to maintain a blockchain, and if someone does counterfeit with you there is no one to complain.  But if central or government authorities are involve in blockchain they will surely answer you if something goes wrong.