This content originally appeared on DEV Community and was authored by Vinayak Rawat
You might have heard about Bitcoin but do you exactly know what's the main reason behind it? How it's being controlled what all process goes at the backend to make it work?
While the answer to that is Blockchain, you might have heard this word but let me help you to understand this in a simple way lets go
So taking about Blockchain it's a technique to store information in a decentralized manner, in simple words decentralization means no central authority can control the data, for example, Bitcoin is based on blockchain no central agencies can control it.
Now when we talk about storing the information we can simply write it down on paper or we can make an excel file on our computer, it will store data based on tables.
When we say how blockchain stores information, it stored in blocks, let us understand it
The upper face of this cube represents the data storing the block,
the side face represents Hash, it is a unique identification of that particular block,
and the face opposite to that represents the hash of the previous block let's understand that by a diagram
You can see here the second block contains the same hash identification code.
Now a very interesting thing here you can notice is if you try to manipulate data from a single block its identification code is changed and the same changes will be done to other blocks as well, which makes us come to a big advantage of blockchain it is almost impossible to tamper data here because due to decentralization if someone tries to manipulate the data it will automatically be noticed by the other.
Lets discuss a very important part of blockchain Miners
The role of Miners is to verify the data which is added to the blockchain, in favor the systems working on blockchain get rewarded and if the data is misplaced they are punished too.
Let's talk about a Real-life application for blockchain.
Let us say you board exam results after you clear your boards the results are kept in a digital locker now this locker data is decentralized means once the data is uploaded no one can tamper the data only the data can be added and it will be known to the system.
Taking about some advantages
1.Write-only, immutable, transparent data storage
2.Resistant against malicious participants
3.Open to everyone
4.Decentralized, no need for intermediaries
5.Consistent state across all participants
In the end, I want to say that, Blockchain technology has far-reaching applications across many industries. Blockchain is already used to facilitate identity management, smart contracts, supply chain analysis, and much more. The full potential of blockchain technology likely remains to be discovered.
If you want to explore more about its future do read this article
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Thanks for Reading
Vinayak Rawat
This content originally appeared on DEV Community and was authored by Vinayak Rawat
Vinayak Rawat | Sciencx (2021-06-23T20:37:35+00:00) Blockchain and its applications. Retrieved from https://www.scien.cx/2021/06/23/blockchain-and-its-applications/
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