Intro to Blockchain

Blockchain

Blockchain  Blockchain blockchain..... we are hearing this Technology name since last few years.

But what is blockchain and why the name as blockchain and what are the uses of Blockchain we are going to discuss now. The Below Content is Taken from Reference and I am Doing Self Research on this.

What is Blockchain ?

The Word Blockchain is a type of distributed ledger for maintaining a permanent and tamper-proof record of transactional data. A blockchain functions as a decentralized database that is managed by computers belonging to a peer-to-peer (P2P) network. 

In Generally, Blockchain Refer as "Block" and "chain". Block has a Data, Hash Value and Previous hash, These are represented as block and Connecting two or more blocks we in a linked way called chain( as chain represents Connecting Nodes).  Blockchain is said as data having hash values are connected to other blocks. As shown in above Fig.

How Blocks are Connected ?

The Starting Block called as Genesis Block, The block having Data ,Hash and Previous Hash.
The Data of Block is Default carried out, Hash Value is Unique as Finger Print of a person.
The Previous hash in Genesis Block is 0000 Default Because there is no other block infront of Genesis block.
The Hash Value of Genesis block is carried out to previous hash value of Block 2. as shown Is Above Figure.
Similarly The Connection of Every blocks by using hash value to another previous hash value.
Likely Every Block have Individual Hash Value which is unique.

Types of Blockchain 

At Present era of Blockchain, There are Three Types of Blockchain Networks as Follows: 

 1. Public Blockchains :  

     A public blockchain has absolutely no access restrictions. Anyone with an  internet connection            can send transactions  to it as well as become a validator.

2. Private Blockchains: 

A Private Blockchain is Permissioned , One Cannot join it unless invited by the network admins.

This type of blockchains can be considered a middle-ground for companies that are interested in the blockchain technology in general but are not comfortable with a level of control offered by public networks.

3. Consortium Blockchains:

    

   A consortium blockchain is often said to be semi-decentralized. It, too, is permissioned but instead   of a single organization controlling it, a number of companies might each operate a node on such a   network. 

What Programming Language is Used ?

Solidity is a High-level Programming Language that is used in Blockchain Technology.

Solidity is also known as Contract based.

It is made to enhance the Ethereum Virtual machine. or Used for Crypto Currencies.

This Platform is similar syntax to Scripting Language of JavaScript.

This Type of Programming Language used to help in checking opposed to run time as compile time.

This Platform also Supports Inheritance in Object Oriented Programming.

How it Works ?

Where It Works ?

Blockchain are used in many as we are in 21st Century in the advanced computer era.

As Shown in below Fig,

Advantages of Blockchain Technology 

As Blockchain is having p2p and hash values , now we can say that hacking reduced.

If any Third party is trying steal info from blockchain, then the hash value is changed and previous hash of another blocks are cannot tally and hence the chain is damages.

As shown in below fig.

Disadvantages 

As the Blockchain having advantages it also have a minor disadvantages. they are 

As a Researcher I can say that these disadvantages are not really that can effect blockchain.

Because now a days the data is storing in volumes of data. Cloud is taking a part and Blockchain takes space to store every single hash's and Eery transactional Details.

Another is Charges per Transaction. The Blocks are taking your Transactions and Sending in a SHA256 Algorithm based and the few taxes are taken to improve for Blockchain and the Companies.

The Cryptocurrencies like BITCOIN, ETHEREUM uses Blockchain. 

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Next Part is Going to publish Soon !!!