When we say blockchain technology, we don't mean literally to it and we don't mean it's an interconnected series of cubes, we're actually talking about digital information (called blocks) that's in a public database (called blockchain). Blocks in blockchain technology consist of collections of digital information. In detail, they are divided into three groups:
- Dedicated blocks to save information about transactions such as date, time and dollar amount for a purchase from Amazon. (Note: This example is for clarification; Amazon is not working on blockchain technology.
- Blocks dedicated to keeping information about the participant's identity in transactions.
- Blocks dedicated to save information to distinguish mass from other. As each of us has a name that is distinct from the other, each block has its own symbol.
While the block-as in the example above-is used to store a single purchase from Amazon, the reality is slightly different, as the single block capacity in the block chain is up to a megabyte.
How block chain technology works:
When adding a new block to the block chain, it goes through four stages:
- Commencement of transactions.
- Checking transactions, and in blockchain technology, the network's computers make this move.
- After passing the second stage, those transactions are stored in a block.
- A specific secret symbol of that mass is identified, thereby adding the mass to the block chain.
After adding the block it becomes available to everyone including you. If you look at Bitcoin, you'll find that you can access a lot of transaction data, such as time, mass height, and who added it.
Uses of blockchain technology:
Medical Field:
Blockchain technology can be used to safely preserve all patients' medical files. When a natural file is created, it is written according to the code of the blockchain technology, thereby ensuring that patients cannot change their file information. These files are encrypted with a private key, to be viewed by a number of individuals and thus preserve privacy.
Voting:
When blockchain technology is used in the voting process, it eliminates election fraud. Each sound is saved as a block in the chain, preventing tampering with results. This technology also reduces staff numbers and provides us with immediate results.
Cryptocurrencies:
The blockchain's purpose is to allow the recording and distribution of digital information, not to edit it. To understand this simply, we must highlight the first practical application of blockchain technology.
The blockchain technique first emerged in 1991 by researchers Stuart Haber and Scott Stornetta, who produced the technique for a system that prevents tampering with the timing of documents. Two decades later, in 2009, bitcoin was launched, the first practical application of blockchain technology.
Bitcoin Protocol is designed on blockchain technology. Satoshi Nakamoto, a bitcoin designer, noted in a paper presented on digital currency: "A whole new electronic monetary system from one party to another, with no reliable third party."
Blockchain Technology Pros and Cons:
Positives:
- Improved accuracy of human non-interference in the investigation.
- Cost reduction due to unnecessary third-party verification.
- Their information is difficult to manipulate due to the principle of decentralization
- Their transactions can be trusted as well as maintain privacy.
- Transparent Technology.
Negatives:
- Cost of Bitcoin Mining.
- Small number of transactions per second.
- Possible use in illegal activities.
- Possibility of penetration.
The Future of Blockchain Technology:
27 years after its invention, blockchain technology has finally made a name for itself because of bitcoin and cryptocurrencies. Today it has become an important name on investors' tongues, and it makes business and government transactions safer and more accurate.
As they are ready to enter their third decade, the question is not whether or not the old companies will catch up with blockchain technology, but when?
Comments
Post a Comment