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Blockchain Explained

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The year 2017 was dominated by Bitcoin and many other crypto currencies, the entire year was covered by with the news of Bitcoin and ethereum reaching record high prices, but in all the notion about Bitcoin and other crypto currencies it is easy to miss out on some of the details, like how the bitcoin works? and what is the technology that made the bitcoin possible in the first place?

After the 2008 global financial crash, a mysterious paper emerged from an unknown person or group of people calling themselves "Satoshi Nakamoto" (nobody knows who Satoshi Nakamoto is, his real identity remains a misty till date). In that paper there was a discussion about a new peer to peer financial system, it was to use a digital crypto currency known as Bitcoin, it was considered to be an answer against the corrupt and faulty centralized banking system.

The technology used to power the concept of bitcoin was known as " Blockchain ", a Blockchain could be defined as a distributed or decentralized public ledger(collection of financial accounts) which is maintained by the public. Now a days  Blockchain is used for multiple purposes like in crypto currencies  like bitcoin and ethereum and a few others, it's also being used in creation of platforms like steemit which is a reedit competitor and also D-tube which is an YouTube competitor, both of these social media platforms are decentralized and work on the Blockchain technology, Blockchain could also be used in legal purposes in near future like in diamond industry to prevent forgery or theft of diamonds it could also be used to validate our land ownership and much more. Blockchain is a really secure and trust worthy system, but how does it work? and how is it so secure?

Like the name indicates the Blockchain is a chain of blocks which contains information. The concept  was originally given by a team of researchers in 1991 and was intended to type stamp digital documents so it would not  be possible to temper or replicate them, but it mostly went unused until 2009 when  Satoshi Nakamoto declared the first digital crypto currency "Bitcoin". Blockchain is a distributed ledger which is open to any one, it also has many interesting properties like once some information is recorded inside the Blockchain it becomes almost impossible to temper with or falsify it. Each block is mainly consisted of 3 parts, which are 1) The Data,  2)Hash,  3)Hash of previous block.

The data stored in the Blockchain depends on the type of  block, for example in our bitcoin Blockchain information which is stored is of the sender, the receiver and the amount. A block also contain a Hash, a Hash could be compared by a finger print as it identifies the block and it's content and is always unique just like a finger print, once the information is stored on a block it's Hash is calculated and even a minor change in that information would create an entirely new and different Hash, and if the Hash of a block is different then the transaction would not be allowed. The third thing that a block contains is the Hash of  previous block, this creates a chain of blocks and it's because of this technique that the Blockchain is so secure and reliable.

The Blockchain is a distributed network which means each and every person on the Blockchain gets a full copy of  the Blockchain, an when a new block is created or when  a transaction takes place, the copy of that block or transaction is sent to each and every person to verify and only  then a transaction can take place after being verified by everyone on the Blockchain, this way the Blockchain is made more secure and useful for multiple purposes.

But there are still a few flaws in this system like the information is forever stored on the Blockchain in public, this might affect our privacy in a negative manner, also now a days when multiple governments are banning Bitcoin, the Blockchain's reputation is being spoiled in the eyes of the public as a medium used just by the people with criminal activities and the one's who want to hide from the government.

So what are your thoughts about Blockchain? and do you think that this system have a future?
Comment your thoughts down below.                 


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