Although Bitcoin is familiar with the word for the benefit of the Internet, the concept of Blockchain is entirely new to many of us. Although there is a lot of information about blockchain and bitcoin, and there is not enough information on the internet, it is difficult to get a clear idea about the blockchain. Today's writing is to give some idea about Blochchen.
Many of us have studied above the exchange system in childhood. At the very beginning, the economy was based on the exchange tradition. We still exchange, but for rice, not a pair of dal or cloth is not a shoe. Now we exchange through the currency Actually, the coins survive on our collective beliefs. If we did not believe in the power of the dollar, then today the United States could not have been so powerful, did not it? Bitcoin is such an exchange system. However, there is no issue with Bitcoin, such as money, rupees or dollars, by any State Bank. In short, Bitcoin is an online currency or currency for which we can buy.
Money is such a coin, so Bitcoin is a kind of 'cryptococarition'. Apart from Bitcoin, there are many cryptococcensities such as Lightkayen, BitCash etc. The main objective of these cryptorcarnation issues is that we can safely remove trustworthy transactions by not having large companies like banks or the state.
Bitcoin Birth Process
Bitcoin is made from Bitcoin Miner The way printing money is printed in the Security Printing Press, there is no printing press for cryptographic printing. Because, there is no visible body of cryptococcennis. Each cryptographic puzzle solves a bitcoin.
What is the relationship between Bitcoin and Blockchain?
It is necessary to keep a record of all the transactions we make using Bitcoin or other cryptococarons. Otherwise, if Mr. Karim sold the data to Mr. Rahim, if he claimed that Rahim did not give him his due coins, then the quarrel could take place. To solve this problem, it is necessary to keep an account of these transactions. In the banking system, there were laser books in the analog era, so that the logs of each account were kept. And now Digital Laser Book is used, this is the difference. But Bitcoin or other cryptococarrency transaction laser book is our blockchain, this is our blockchain.
How does blockchain work?
By looking at the word blockachen, it is a chain or chain of many blocks. Now the question is, what is the block? In simple words, all transactions in a single block in about 10 minutes of one moment are 'encrypted'. This block is linked to its previous block, before its previous block with its previous block. In this way a chain has been created, which is increasing constantly. There is a public key on the block and a private key. If I have a public whatsoever, then anyone on my network can see that, if I did not really know the transaction I actually did. That is, if I have not paid the price, then there is no scope for denying me. It is becoming easier to keep the transparency of transactions through public keys. What is the private key job? Even if the transaction is visible to anyone, only he can know the details of this transaction, which has private key.
What is the structure of the block?
A block is associated with its previous block, as we said earlier. When a data is encrypted, we get a 'unique hash' against that data, which is unchanged. In contrast to that particular data on any computer, that hashtee can be found. In the name of the 'cryptographic puzzle' solution, we are actually looking for such unique hashes. A block has a 'privilege hash' to connect with the previous block. It also has 'timestamp'. The timestamp indicates when this block was created. Then the data, that is, the information that we want to share. The data is encrypted into another long hash. A block has a specific 'nonce' number. By this number we understand how many times the system has to repeat the entire 'search the search' to find that particular hash.
Why is blockchain so important?
To understand why blockchains are important, the key words of cryptography must be understood. When we encrypt any information, we want to confirm a few things. First, the privacy of our data is maintained. Anyone who does not want to read this data. Only our approved people can get 'Access' to this data. Secondly, there is no change in our data during the transaction. That means, I will send the information as such, the recipients will receive the information in the unused condition. Thirdly, the sender and the recipient never have a way to deny that he has received the data. And fourthly, the two sides know the way to get the data out. That is, who gives data, who is taking it, where is going, how it is going. We can not assume that the purpose of our encryption is successful. Because blockbuster is a kind of encryption, we want to fulfill these conditions. Let's take a look at how Blackchain meets these conditions.
Blockquanes are sorted in sequence. The 'sequence' of the data is not random, because every block is associated with its previous block.
Block data is never replaceable. Even if there is a private key. Once a data becomes 'verified', it is stored as a 'read only data' when it is blocked, it is impossible to delete or replace this data.
The blockchain database is largely open. The transparency of the transaction can be seen by anyone.
Intermediate parties like banks or brokers do not get any advantage because the blockchain is a 'peer-
to-peer' or customer transaction system from the customer.
If the blockchain becomes a hack?
The basic functionality of Blockchain is that it is impossible to create a blockchain hack. Firstly, the record of each of the transactions in the blockchain. Without the private key, the information inside this transaction can not be read. Along with that I have said, each block has a unique hash and each block is associated with its previous block. If a hacker enters a block, then the hash of that block will change instead. Switching the hash means that the blocks are completely 'invalid'. Then the next blocks of the chain will remain invalidated. Because, each block is associated with its previous! If the hacker wants to hack successfully, then he will have to validate each block again. For everybody, 52% of the user needs votes, which is almost impossible. Because, for this large amount of data block 'Validate' hacker will get less than 10 minutes. Because the time will be the time to create new data blocks! That is why it is said that it is impossible to hack the blockchain.
Nobody can tell the future Some of the well-known economists think that in the future, cryptosystems will run the world, paper notes will not exist. Again, due to the rise in the hiphat quote of the Cryptocancies or the Randem Behavior of Darapatan, some economists compared Bitcoin to gambling investments. Whatever the theory is correct, the fact that the graphic of the importance of the blockchain and Bitcoin in the current world is upwards, that is undoubtedly.