Blockchain technology explained in a very easy language | Kiftat

In this post, we are going to discuss the new technology named the Blockchain technology, also the Blockchain technology explained in a very easy language in this post that if you read this post then you will easily learned about this newly technology.

What is actually a Blockchain technology?

What is a Blockchain technology? 

There is much corruption in our world and this corruption is all centralised that means these corruption activities are only visible to some groups or communities. Also, we don't have the access to this data and the admin can change it at anytime that's not reliable. To prevent the corruption and help to make transparency, we use The Block-chain technology.

Blockchain technology provides us a Decentralised environment that means the authority of the data is not in the hands of a one person or a group, it is publicly shared and also provides a trust because the data in the blockchain is nearly impossible to change or modify. That's make blockchain technology a worthy to trust.

How Blockchain technology works?

Actually the blockchain technology is made for the Cryptocurrency by a anonymous developer named "Satoshi Nakamoto" in 2009. To safely transact the Cryptocurrencies, blockchain technology is used.
There is a record of anything that transport or import and this single record is stored in a single block and the blockchain is a chain of blocks or you can say records, right?
And in this Block it stored data in 3 forms -

1. Relevant data

It means the type of data like in the Bitcoin, the block stores the transaction records

2. Hash

It is unique code for the data that stores in it, it is like an identification of the data.

3. Previous Hash

The previous hash in blocks makes a chain that connects the blocks together. The Hash of the one block also saves the in the second block named as previous Hash and the Hash of second block also saves in the third block and this goes on and on.

The first block that is not showing the history of it's previous block is called the Genesis Block. This makes easier to track the history of Blocks.

How is the Blockchain technology is so safe?

To modify or change the data in Blockchain is nearly impossible because if we change the data in one Block of Blockchain, it's Hash will change and if the Hash is changed the second Block that have the previous block Hash will show invalid and if we also change the Hash of second block then the third block will show invalid, and we cannot change the entire Blockchain data because it consumes a lot of time that's nearly a hundred years.
Besides this Blockchain has also provides us a big security that if we want to change a single block, we cannot change it because in the network of Blockchain every person has a copy of that Blockchain. That's why if we want to change a single block we have to share our block to the majority of the people that is connected in the Blockchain and if the majority of the peoples are agree with the change then we can change that the Block otherwise if the majority is not agree with the change then we cannot change it at any way. This is like a voting system, right? Also this type of voting system in Blockchain is known as Consensus Rule. 
That's why it is nearly impossible to change in Blockchain because if we want to change it then we have to consumes a lot of time in it to change the Hash and also we have to own about 50% of the majority people. That's makes it much more safer than other technologies.

Blockchain uses in today's technologies

Today the Blockchain technology is using in the Cryptocurrencies, mostly in the Bitcoin that helps us to transfer the Bitcoin from country to country like an asset because when we transfer a currency from one country to another from the banks they have to change the currency and they also charging us a very high fee to transfer but when we transfer a Bitcoin from one country to another the Bitcoin will change in other countries and it charge us a very few fee.

Bitcoin image

The Blockchain technology is also using in the "NFT" That means "Non- Fungible Token", it protect our ownership from many people that can change our ownership.

Conclusion

By this we can say that the Blockchain technology wil be the future because of this technology hackers cannot change our important data and cannot change the ownership of something and cannot delete or edit something that can harm other people. This technology will saves a lot of time and saves a lot of things and also we can track the history of data because of the previous Hash option.
Without the owner, his or hre personal data cannot change or destroy only if he or she will.