Blockchain: The Beginning Of Something Great.

Published on September 27, 2021

As we know the concept of blockchain came from the financial sector of cryptocurrency.

Blockchain is decentralized computation and information sharing platform that enables multiple authoritative domains, who do not trust each other, to cooperate, coordinate and collaborate in a rational decision-making process.

So, the question is why do we need a Decentralized system?

Basically, there are some loopholes in the Centralized System-

• It works as a single point of failure like,
• If you do not have sufficient bandwidth to load any doc, you’ll not be able to
• What if the server crashes?

To overcome these problems blockchain uses decentralize platform with strong consistency support.

In the blockchain, every node maintains a local copy of the global datasheet. The system ensures consistency among the local copies

The local copies at every node are identical

The local copies are always updated based on the global information.

We call this a Public Ledger which works as a database that contents like Historical information available to everyone and this information can be utilized for future computation. For e.g: Banking transactions.

Fundamentals of blockchain in this blog.

• Cryptographically secured hash Functions
• A hash function is a function that maps any size data to a fixed size. Foundation of Blockchain called Merkle Trees.
• Every leaf node is labeled with the hash of a data block
• Every non-leaf node is labeled with the cryptographic hash of the labels of its child nodes
• Use to Peer-to-Peer network: Data blocks received in undamaged and unaltered.

Blockchain properties:

Ledger: It is analogous to a database file that is constantly growing.

Permanent: If a transaction happens in blockchain, It can be put up permanently in the ledger.

Secure: Blockchain uses cryptography techniques to place information in a secure way. All data is locked securely inside the blockchain.

Chronological: Every transaction happens after the previous one is finished.

Immutable: All the transaction onto the blockchain is immutable, you cannot change the ledger.

Blockchain 2.0

Based on the Bitcoin revolution the advanced version of Blockchain introduced

Interested by the Bitcoin revolution, mainstream companies are trying to use the central blockchain idea and build alternative systems around it for use in industry, manufacturing, supply chain, finance, governance, IoT, etc.

This movement of academia, industry, startups are termed Blockchain 2.0

Blog by :

Yogesh R. Sapkal

Indira College of Engineering & Management, Pune

The author can be reached by mail at –

yogesh.sapkal@indiraicem.ac.in

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