What is Blockchain: Blockchain is a type of technology. Cryptocurrency like Bitcoin does its work only with the help of Blockchain Technology. Apart from this, all the cryptocurrencies are controlled only with the help of Blockchain Technology.
Blockchain technology will be used for everything around us in the coming few years. The special thing about this technology is that the possibility of fraud in it is negligible. And under private technology, any data can be changed. Whereas in Blockchain technology, the data will be saved once. Changing it is not only difficult, but impossible.
People know very well about Bitcoin but what is the blockchain technology behind it? What is Blockchain Technology? Totally unfamiliar with this. And what always keeps coming to mind is how does blockchain technology work? Blockchain Technology kaise kaam karte hai?
So we thought, why not tell people what blockchain is? (Blockchain kya hai?), How does Blockchain work? Blockchain kaise kam karte hai? We are giving answers to all these questions through this article. We try our best to make you understand about Blockchain technology in simple language.
What is Blockchain? How does Blockchain technology work?
If understood in simple language, then the technology used to control bitcoin cryptocurrency. That technology is called Blockchain.
Blockchain is a collection of databases where all the information is stored electronically in a computer. Blockchain also records all the information digitally for easy access to the people.
The biggest advantage of Blockchain is that it can be used by many people at the same time. This is the biggest reason why people like it so much that Blockchain technology is not under the control of any person or organization. These things make it unique.
Also read :-
- Machine Learning and AI are changing our lives.
- The Top 7 Different types of hackers | Who are Hackers?
- Best Java online compilers 2022 – Top 10 – Updated!
Now whatever information is stored in a normal computer from simple by any person or by the organization. It can be manipulated. But the information once stored in Blockchain Technology cannot be changed now. Because of which many businessmen are adopting this technology.
What is Blockchain? (Blockchain kya hai?) Now you must have started to understand a little bit what is blockchain technology? What is Blockchain Technology? And how does blockchain technology work? Blockchain Technology kaise kam karte hai?
How does Blockchain Technology work?
Mainly Blockchain Technology works in three ways. Which works in different ways. This is the following three parts
- Blocks
- Miners
- Nodes
What is Blocks? How do Blocks work?
Many Blocks work under Blockchain. If one block becomes full of data, it is automatically added to the other blocks. This is what we call Blocks of Blockchain.
When you do any kind of transaction, the Hash number is created in the Blocks, which is associated with the previous Block. You can understand it through this image.
If any third party tampers with these blocks. So its hash numbers change and it is very easy to know that someone has tampered with these blocks.
What is Miners? How do miners work?
Miners are considered to be the most important part under Blockchain Technology. Because only Miners work to create new blocks. Whenever any kind of transaction takes place. So the miners create a new block.
Suppose you did a transaction with Bitcoin. Information about this first reaches the miners. And only miners will convert your transaction details into a block and link it to a new hash number.
As easy as you think to hear or read it, in fact it is not so easy. Miners works like a mathematical puzzle, solving which is not within the reach of the human mind. This will require a powerful computer.
If any hackers are thinking of hacking it, then they will have to hack all the blocks present in the Blockchain, which is impossible. This will require a powerful computer. That’s why it’s very, very difficult to hack.
What is Nodes? How do Nodes work?
Nodes work as data storage in Blockchain. With this, any type of transaction or transaction information is stored. Meaning the work of maintaining your account is of Nodes in Blockchain Technology.
In this technology, it works to keep the entire network connected with itself. Simultaneously, every single transaction of the Blockchain is copied and kept. Whatever transaction or activity takes place in it. Verifying it and updating the network. And if there is a wrong activity or transaction, all the nodes together cancel it.
Who started Blockchain Technology?
What is Blockchain? After getting answers to such questions, one thing must be running in your mind. After all, who is it that thought of technology like Blockchain? Let us know about the great person who introduced the world to technology like Blockchain.
Blockchain technology was proposed by the famous cryptographer David Chaum in 1984. Stuart Harber and W.Scott Stornetta worked to advance it in 1991. But at that time the world was not developed enough to accept its technology.
When Satoshi Nakamoto launched a Cryptocurrency like Bitcoin in the year 2009, Blockchain Technology came out as if it were. Today everyone is thinking of using this technology.
How many types of Blockchain Technology are there?
There are mainly three types of Blockchain Technology. as written below
- Public Blockchain
- Private Blockchain
- Hybrid Blockchain
Public Blockchain
Public Blockchain can be used by all. Like Bitcoin, Litecoin etc all come under public blockchain. If you have a high Internet connection then you can use the public blockchain to mine the activity of these networks.
Private Blockchain
Private Blockchain works exactly opposite to Public Blockchain. You have to get permission to use it, because it is controlled by a single party. Private Blockchain is used by a large organization. Examples of private blockchains are Hyperledger, Multichain, Ripple, etc.
Hybrid Blockchain
Hybrid Blockchain is a combination of Public Blockchain and Private Blockchain. This blockchain uses both of these. And decides on this matter. That which is to have a public blockchain and a private one. Examples of this are Dragonchain.
What are the benefits of Blockchain Technology?
Blockchain Technology Blockchain Technology has many advantages which are as follows
- It is an open source technology.
- It is almost impossible to hack it.
- The security system is of coffee next level.
- Know all the activities in one click.
- Sorts out any type of transaction process within minutes.
- There is no need for third party in this.
What are the disadvantages of Blockchain Technology?
We all know that where there is profit, loss also has to be taken from there. Therefore there are also some disadvantages of Blockchain Technology which are as follows
- You have to pay a hefty fee to use this network.
- As people are getting to know about blockchain technology, its uses are increasing rapidly, due to which many problems are also coming in it.
- There has been a decrease in its speed.
- High power is required to use it.
- The amount of electricity consumed by a country like Netherlands in 1 year. Bitcoin alone consumes more electricity than that.
- If you sent your bitcoin to someone by mistake. Then won’t come back again.