In this day and age, the term Blockchain is one of dual heads, as it is both the most popular term in modern technology today and the most misunderstood. This piece seeks to rectify the latter.
Historical, the Blockchain is the techno-child of the legendary inventor or group of inventors who go by the pseudonym of ‘Nakamoto Satoshi,’ who brought it to the limelight as a major supporting application for the cryptocurrency known as bitcoin, in a way to underpin the bitcoin.
However, it’s use and features have garnered widespread attention to the apt stage that the Blockchain can no longer be simply referenced to its cryptocurrency uses alone, as its features can be adapted to many more forms of technology. That being said, what then is Blockchain technology on its own. To this, Blockchain technology can be simply stated as a decentralized incorruptible public digital ledger of economic transactions, programmed to record every transaction of value, with each transaction linked to the previous one. From the given definition, one can easily draw out two foremost features attributed to blockchain technology.
The first of the suggested foremost features is the use of the term incorruptible. This term is attached to Blockchain technology, due to its self-sustaining check and balance system. There to, the Blockchain framework lives in a state self-governance, whereby it automatically checks in with itself every 8 to 10 minutes or so, performing its functions in a sort of self-auditing system of digital value, reviewing each transaction which is referred to as blocks. In reference to the term block, in the Blockchain network, a block is the part which records the recent transactions entered and once completed, the block is sent into the Blockchain acting as a permanent database. Furthermore, for every time a block is completed, a new one is created and each block is generated in such a way as to form a chronological order. Also, the blocks are made in a way, that they are added through cryptography, there to ensuring that they remain free from alteration and being deleted, which brings us back to its incorruptible nature.
The second of the suggested foremost features is the Blockchain’s decentralized nature. To fully understand this, we must comprehend what makes up the Blockchain, and the answer to this is nodes.
Nodes or a network of nodes are what make up a Blockchain. To this, a node is simply a computer connected to the Blockchain framework using a client that performs the function of relaying and validating transactions made. The nodes together generate a whole individual second-level network. Furthermore, each node is an administrator on its own of the Blockchain network and joins up voluntarily, which in turn leads to the decentralized nature of the Blockchain. The Blockchain network being built up in this way (in reference to nodes), establishes a system where the network is devoid of tampering, as anything that happens on the network is a function of the network as a whole. Consequently, it’s independent standing nature of validation and modification makes it difficult If not impossible for an untrustworthy transaction to be carried out, which is the basic purpose of its decentralized nature.
In conclusion, Blockchain technology is a great way of advancement into deeper parts of technology we might not have unlocked yet, as its reach as of now seems endless. Read more about Applications Of Blockchain