After internet,the next massive technology ,which is growing more and more and which people ask about this high technology is non-other than BLOCKCHAIN. What is this block chain all about??? Is it something like group of people or something like spider’s web??
A blockchain is a continuously growing list of records, also called as blocks which are linked and secured using cryptography. It is the distributed record book that underlies bitcoin.(Bitcoin is an innovative payment network and a new kind of money.This is the system which works without a central bank or the single administrator)
HOW DOES THE BLOCKCHAIN TECHNOLOGY WORK
- Two people wish to transact over the network.
- Each of them will have two keys-private key and public key.
- The combination of private and public key makes digital signature.
- A block – containing a digital signature, timestamp and relevant information – is then broadcast to all nodes in the network.
- This then creates the block of chain.
- Together they create a 2nd level network, a different vision for how the internet can function.
- And by this way,a chain is created that is permanent and unalterable.
- And finally the transaction is consummate
PROPERTIES OF BLOCKCHAIN
- Durability and robustness
Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot:
- Be controlled by any single entity.
- Has no single point of failure.
- Transparent and incorruptible
- The blockchain system has the state of harmony
- It can not be corrupted
- Massive quality data
- Data of blockchain is complete,accurate and widely available.
- Lower cost
- By assuring the elimination of the 3rd party and overhead costs for exchanging the assets,blockchain have the potential to greatly reduce the costs.
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