What is Blockchain [Updated 2018]

 

What is Blockchain

 

Have you ever wondered, the dress you are buying from those luxury brands is real or fake, have you ever thought that the cookie that you are eating is of the same brand which you thought of. We can not always guarantee whether a product which we are using is original or is merely a duplicate of the original brand.

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Assume there is someone who can guarantee you that the products that you are using are not fake, assume that there is a chain of people who are working to find the authenticity of a product so that you need not worry about anything. You can just simply rely on the fact that there some people out there who will validate the things for you. Not only this but if you want any sort of information from any one person in the chain you can simply get it.

If there is a chain which allows you to authenticate any product, you can simply relax that you are not being robbed by the shopkeeper. Similarly, think of this example for a transaction. What makes you certain that the transaction you are making is secure. Now assume that we follow the same principle here which we followed in the above example. Let’s take the person as a block where information is stored. If there are a number of persons involved in validating the authenticity of your transaction then you can be certain that the transaction is secure. Furthermore, if there is a system where records can be stored at each block so that anyone can read it and no one can cheat the system and security is guaranteed. This is a reliable method as everyone is watching the transaction and therefore eliminates the odds of cheating and fraud.

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Blockchain stores the information across the network of personal computers making them not just decentralized but also distributed. Here no company or person owns the system, every person is an important part of the network. Everyone runs the system and therefore it is impossible for one person to break down the system or corrupt the network. Blockchain stores the information in forms of blocks and uses cryptography to store the information. Every block is connected to other block and the next block is connected to the one after it and so on. Every block receives input and gives out output in an encrypted form. Not even a single block can be hacked or counterfeited. Every block contains the data to be transmitted, “hash” and value of the previous “hash”. “Hash” can be described as a mathematical expression which takes one input and provides some output. Each “hash” is unique and can not be predicted. Every block in a blockchain network consists of Hashes and the value of previous Hash. If an attacker tries to change the value of one block, the next block will automatically reject the updated value of block since it will not find the previous value of hash and will reject the transaction.

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Now you know what a Blockchain is and how it works in basic form. Thanks for reading the content. Do comment below if you have any suggestions for us.

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