Blockchain Technology

It is a decentralized ledger tracking digital assets on the peer-to-peer networks. 

Blockchain is a consensus-based secure decentralized public/private database which stores information immutably over the peer-to-peer networks.

There will be no third party interruption in the network. 

Book Analogy to understand blockchain

In olden days, records and data are stored in books in which each page will be a reference to the previous page.

Considering the above criteria in simple terms, Book = Blockchain, Page = Block, an entry in a page = transaction.

Ledger

It is known as the database that synchronized along with the network.

 Why Blockchain?

The way it stores the data like no creates trust and data.

It doesn’t require any middle person.

Blockchain stores information in the form of blocks. The way it tracks & stores data is reliable.

These blocks are linked together in chronological order for a continues line.

Observe the short story based on presentations for a detailed view of how blockchain is used in day to day life

Consider the above scenario, PETER is the first owner of the house. Later, he wants to change the ownership to his son SAM and he PETER changed the ownership.

SAM will be having two kids named RAMESH & SURESH. After a few days, SAM wants to ownership to his beloved son SURESH. Meanwhile, RAMESH created a duplicate set of documents to claim the ownership of the property.

Next, they will be meeting at the court of justice to claim ownership. 

In the next presentation, you will get to know about the structure of blockchain and how blockchain is used in the above criteria.

Considering the above

While entering new data or records in the network, a new block will be created with the timestamp and with the details of the owner and author. Data cannot tamper in the network and there will be no third-party interruption If we do so the new block is created with a timestamp and we can get to know who tampered the network.

 

blog comments powered by Disqus