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Complete analysis of the Blockchain technology

Apr 27, 2018 Posted /  3813 Views

Complete analysis of the Blockchain technology

With the technological and advancements increasing at an exponential rate day by day. It is not a surprise that the blockchain technology which is considered to be one among the major Technologies such as artificial intelligence, internet of things, machine learning, etc., is being tested as well as implemented in various fields that the world offers. 

Blockchain Technology as the name suggests is nothing but a group of information which is chained to each other in the form of blocks. The information in the various banks is connected to each other in the form of encryption and Cryptography. This precise Idea was originally put forth in 1991 by a group of researchers who intended to timestamp the digital documents so that it would be very difficult for other people to manipulate or temper them. The concept is very similar to the notary these days.

However, this particular Technology was not implemented on a large scale until 2009 when an anonymous group of people who termed themselves as Satoshi Nakamoto released a white paper in which the amazing description of the technology was unveiled which could be used to develop a digital cryptocurrency. The result of which a revolutionary decentralized cryptocurrency was invented, Bitcoin. 

A single block of the blockchain mainly consists of three parts. The data, the hash, and the hash of the previous block. Whenever a data is entered on to the blockchain, the data enters basically into a particular block, which when considering the input of the previous block’s hash generates and a new hash of its own. Now when further data is added, this particular hash is used to generate the hash of the next block. Hence we can see a form of linking between a block and the previous block which renders it the name Block-chain. 

The blockchain technology as a distributed ledger system which provides security to the whole system by sharing the database copy with all of the users of the network. As the size of the network increases the security of the blockchain technology also increases. Hence as time passes, it will become more and more difficult for hackers to hack the system. 

Apart from providing security through the distributed system the blockchain technology also has another way of providing security by the proof of work concept. The proof of work concept is implemented into the blockchain technology which increases the process of creation of each block. In particular, the Bitcoin Blockchain Technology requires 10 minutes for the creation of each block. Hence if a particular blog is manipulated on the network, it would require a very long time in the recreation of these blocks. This time delay has been applied creatively to provide security in the blockchain network. 

The security level of the blockchain technology could be understood better with an example. If a hacker wants to hack the current Bitcoin Blockchain Network, then he has to hack over at least 51% of the total nodes, which is nearly impossible with the current size of the network. In other words, it would be easier for him to break into any Central Bank and steal the money that much worth than hacking a Bitcoin Blockchain Network.

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Tags: blockchain technology Bitcoin Blockchain Technology

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