what is blockchain❓
A decentralised computation and information sharing platform that enables multiple authoritative who do not trust each other to cooperate and collaborate in a rational making process .
The keyword open (accessible to all), distributed or decentralized (no single party control), efficient ( fast and scalable), verifiable, everyone can check the validity of information), permanent ( the information is persistent)
traditional way of Sharing information
If we take an example of sharing any document Microsoft to google doc and that’s unable to edit or customise at same time, for this we develop a system called by Blockchain by this particular system allows us to edit same time from both ends, this environment of sharing data to each other called Decentralised and this is backbone of Blockchain.
Dose centralised system harm ❓
· a single point of failure
No one is perfect in this world but day by day we can improve our self same here this system is very secure but having a problem if you don’t have sufficient bandwidth to load document, then you will not able to edit.
centralised vs decetralised vs Distributed
complete reliance on single point (centralised) is not safe while Decentralised multiple points of coordination and Distributed every one collective execute the job. A plausibly ideal solution is every one edits on their local copy of the document the internet takes care of ensuring consistency
the internet database to support decentralisation
a decentralisation database with strong consistency support
there are some few main points for understanding well about blockchain
a very simplified look of the blockchain
1. every node maintains a local copy Of the Global Data-sheet.
2. the system ensures Consistency among the local copies.
-the Local copies at Every node is identical
-the local Copies are always updated based on the global information
here's an another way to understand blockchain
Here we call it Public Ledger
A database of “Historical information” available to everyone, the historical information may be utilised for the future computation. here we can take an example say the historical information are the banking transactions, the old transactions.
blockchain work like public ledger
however, we need to ensure a number of Different Aspects
protocols for the commitment :-
Ensure that every valid transaction from the clients are committed and included in the blockchain within a finite time.
formal Definition of Blockchain
Ensure that the local copies are consistent and updated. Security the data needs to be tamper proof here the clients may act maliciously or can be compromised. A Blockchain is an open distributed ledger that can record transactions between two parties efficiently and in verifiable and permanent way.
(Iansiti, Lakhani 2017)
here a video by which you can clear your figure about blockchain 🧐
what i personally feel about blockchain and what people think about it❓
As I explained that what is a Blockchain Basically blockchain is a technology that is behind BITCOIN but the blockchain is not BITCOIN as people think it is a security that is behind the cryptocurrency here we work in blocks and all the data save in blocks which make a chain of the block.
This is a very secure system and also very scalable because of this it can’t be it is unhackable. it having the consensus and very secure feature and it is very Provence and provides a trusted environment to the user, if I talk about how you are safe on the internet then, I think most of the people having the majority of unsafe what they feel on the internet they haven’t any idea of which whom they talking and the main problem is stolen of personal data.