What is Blockchain Technology?

Blockchain Technology

If we talk about the top trending technologies then, Blockchain is one of them. It is very much cost-effective to the consumers if used. By allowing digital information to be distributed but not copied, Blockchain gave rise to a new kind of the Internet. 
We'll discuss Blockchain technology in a short and simplified way. Read the article for a clear understanding of "Blockchain".

But the question is, what exactly is Blockchain?

Blockchain (sometimes referred to as Distributed Ledger Technology) makes the history of any digital asset unalterable and transparent through the use of decentralization (i.e. transfer of authority from central to local government) and cryptographic hashing.

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It is actually a growing list of records named blocks that are using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp and transaction data.

Blockchain is a promising and revolutionary technology as it helps reduce risk, stamps out fraud and brings transparency in a scale-able way for myriad uses.

The whole point of using a Blockchain is to let people- in particular, people who do not trust one another- share valuable data in a secure, tamperproof way.  -  MIT Technology review

 How Blockchain works?

Blockchain technology is the type of technology that supports digital currency space and it is believed that it contains many successful applications and uses beyond just cryptocurrencies. There are many financial institutions and corporations around the world that are studying about this technology and exploring ways to integrate Blockchain technology to real-life practices. Below, we’ll discuss the basic key aspects and working of Blockchain, providing an overview of this type of technology and how it works with cryptocurrencies and other applications.

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Three components of Blockchain:

 ·       Cryptography

 ·       Distributed  network that includes shared ledger

 ·       Accounting of the transactions and records related to the network.

Private Key Cryptography

It helps to visualize two individuals that are willing to conduct transition online. Each individual holds two keys: one of which is public and one is private. By combining both public and private keys, cryptography allows individuals to generate a secure digital identity reference point. This identity plays an important role in Blockchain technology. This digital identity creates a digital signature which is useful for certifying and controlling ownership.

Distributed network with shared ledger

The Distribution network is the combination of transportation, terminals and warehousing services that are established to serve the customers. These networks can vary from small and simple sized to large and complicated networks which are used by large enterprises ex: Apple, Amazon, etc. The size of the network mainly depends upon the end customer demands for the product, product variety, product availability, return ability and customer experience.

Talking about shared ledger or distributed ledger, it is a database that is collectively shared and synchronized across multiple sites, institutions, etc. It allows the transaction to have a public witness which makes it secured from cyberattacks.

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Confirmation process

This technology has a unique way of confirmation and validation of transactions. When two or more people wish to conduct the transaction online, then the blockchain allows the first person to use their private key of the transaction to attach information regarding it to the public key of the other person. This information together becomes a part of the block in the blockchain. This block contains a digital signature and other important details regarding the transaction but not the identities of the individuals involved in the transaction. That block is transmitted across the huge blockchain network to all the component parts of the network, which will act as the validators of the transaction.

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