HISTORY OF BLOCKCHAIN:
A cryptographic scientist named David Sam first published a protocol similar to Blockchain in 1982 in his "COMPUTER SYSTEM ESTABLISHED, MAINTAINED AND TRUSTED BY MUTUALLY SUSPICIOUS GROUP". This was followed in 1991 the discovery of the Black Chain by scientists Start Stopper and Scott Starnetta. They wanted to create a new kind of technology that would create a system that would not damage the file "DOCUMENT TIMESTAMP TAMPERED" when we transferred the file.
A turning point came in 1992 when some researchers, such as Hopper, Stornetta, and Dave Bayer, developed a cryptographic system called the "MERKEL TREES (OR) HASH TREE". It is attached to each LEAF NODE in cryptography with its leading CRYPTOGRAPHIC HASH NODE. This technology helped to link all types of files (LEAF NODE) in the blockchain to the HASH NODE. It laid a huge foundation for blockchain technology.
BLOCKCHAIN CONCEPTUALIZED IN 2008:
Although various researches have been done before, the technology recognized when it was introduced to the world in 2008 by Satoshi Nakamotto. Yes Satoshi Nakamotto developed and introduced blockchain technology in a different dimension. He developed a system called HASHCASH METHOD in blockchain technology so that we can securely exchange documents on the Internet without any TRUSTED PARTY SIGN. Later this HASHCASH METHOD helped a lot in the emergence and growth of bitcoin called cryptocurrency.
INTRODUCTION TO BLOCKCHAIN:
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain network.
A set of blocks in a sequential chain, each block contains transaction information and recorded into new block. The chain link is used to record information in distributed format and cannot be modified.
Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.
DISTRIBUTED LEDGER TECHNOLOGY:
The blockchain is based on DISTRIBUTED LEDGER TECHNOLOGY technology. This means that not all information is stored on any particular SERVER. Further information is all linked in DISTRIBUTED mode. This way no cyber thieves can steal information. In DISTRIBUTED LEDGER TECHNOLOGY all the information is stored on the central server so all the information is connected in PEER TO PEER technology. This gives users full access to information called TRANSPARENCY. All types of exchanges that take place in the Block Chain are recorded.
For example : If you are buying a property in this technique then all the history like who the owner of that property first gave that property deed to how many people it was handed over to and now from whom they are buying is all saved in the transaction blocks.
RESISTANT DATA MODIFICATION:
The highlight of the blockchain is that once we create any information here we can not change that information again. Maybe they want to change it but they have to change the information in all the blocks in their link so it is very complicated or impossible to change, hack, or cheat the system.
TYPES OF BLOCKCHAIN:
They are of two types blockchain, PERMISSIONLESS AND PERMISSIONED BLOCKCHAIN. A permissionless blockchain is also known as a public blockchain, because anyone can join the network. A permissioned blockchain, or private blockchain, requires pre-verification of the participating parties within the network, and these parties are usually known to each other.
BLOCKCHAIN IN SECURITY:
If a hacker who usually has only one centralized database in the bank tries to steal the data it is enough to attack this database. But if you try to steal data on Blockchain, you will have to hack the computer on entire Blockchain network. Doing so is not an easy task so it is safe.
BLOCKCHAIN IN SCALABILITY :
The blockchain scalability is an ability of a network to increase the throughput as the network grows. And the scalable blockchain is a blockchain, that has an ability to process more transactions per second as the network grows. Yet, not all blockchains are scalable. This phase is still in evolving stage.
The throughput of each blockchain network is an element of the network’s design. Usually, transactions per second (TPS) are used to measure blockchain throughput. This number is the number of transactions the network can process per second.
BLOCKCHAIN IN CRYPTOCURRENCY :
Cryptocurrency is a type of digital asset which is used to exchange value between parties. It uses strong cryptography to secure financial transactions and control the creation of new units of that currency and verify the transfer of assets. Cryptocurrency does not exist physically.
We know that the government prints the currencies like fiat currency such as Rupee, Dollar, EURO... It means there is a centralized institution exists which can create thousands or millions or billions more of that currency.
Electronic money was created to fix the third party governing agents like bitcoin, these type of currencies is created by the same mathematical formulas that make the cryptocurrency work. Thus, cryptocurrencies use decentralized control, which works through distributed ledger technology that serves as a public financial transaction database.
A Blockchain is a method of storing data in blocks which are linked together in the form of a chain. The Data relies on hashes and cryptography to secure inside data a block and resides on all computers in a peer-to-peer network.
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