Blockchain

The word ‘Blockchain’ is enough to make people curious about what it is? And how does it function? It is a well-known truth, that we have given an important space of our lives to technology. Today, people are welcoming new technologies to modernize their day-to-day lives. Other than IOT, block chain has been successful in leaving a remarkable impact in business world. Being one of the leading experts in blockchain technology, Mr. Wesley Weber will help us in understanding this technology as an amateur.

Blockchain got worldwide acknowledgment after introducing its first modern application Bitcoin. It is a revolutionary technology which has been adapted by different industry due to its decentralization, transparency, and security.

Are Blockchain and Bitcoin the same?

It always seems to be a confusion between Bitcoin and Blockchain. However, both are different. As per Wesley weber opinion, Blockchain is still an emerging technology (even if it has been around in one form or another for 20 years), and developers must work hard to remove any roadblocks to firm’s harnessing its capabilities.

The cryptographer explains that Blockchain technology offers numerous applications other than bitcoin. Bitcoin is a digital currency which can be used in the place of traditional money transaction for trading while Blockchain is a type of a ledger that records all the transactions made through Bitcoin.

What does Block chain actually mean?

In simple words, blockchain is described as a data structure which is used to hold transactional record maintaining security, transparency, and decentralization. Being one of the leading blockchain expert, Wesley Weber, there is no technology that really challenges the blockchain in terms of its basic concept : censorship resistant, globally trusted ledger of transactions and agreement with no central point of failure.

Blockchain is an immutable ledger which is completely dispersed and open to everyone on the network. Once the data is added to the blockchain in the form of block, it is almost impossible to change or make an alteration. He further points out that any breach can easily be identified since every transaction on a blockchain is secured with digital signature known as “Hash”. Hash is proof of an authentic transaction. With the help of encryption and digital signatures, the information stored on blockchain is tamper-proof and cannot be amended.

Blockchain technique allows all the members in the network to reach a consensus as Blockchain is governed by mathematics and a fixed set of rules, executed transparently and verifiable.

Numbers of industries are integrating blockchain technology in their administration noting that the chances of any fraudulent transaction activity are of zero possibility since it does not support any interaction of the third party. It is a trusted approach which enables the distribution of information to its user without being copied.

Architecture of Blockchain

Let’s understand Blockchain by its components. Each block has:-

Data

Hash

Hash of the previous block

While discussing more in detail about blockchain technology, Wesley Weber describes that Block is something that contains information. The starting chain of blockchain is called the Genesis Block. Every new block in the chain is connected to the previous block. Every block has its hash. Hash is a fingerprint of block which is unique for each block. So, any changes made to the block will result in change of its hash. Therefore, hash is very important when you want to detect any alterations made to the chain. If the fingerprint (Hash) of a block changes, it will change the block. As all blocks contain hashes of previous blocks, it makes blockchain more secure. It works with the association of Proof-of-Work and distributed P2P Network.

Thus, in the end, it won’t be wrong to say that although blockchain technology is a new name in the technology world but it is surely going to stay till the end transforming people’s lives for the better.