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PostPosted: Wed Oct 04, 2017 8:01 am 
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What is Blockchain?
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data.

A blockchain can serve as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.

Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot:
1.Be controlled by any single entity.
2.Has no single point of failure.

There are two types of participants to consider in blockchain technology: miners and nodes.
1.Miners are the computers actually processing transactions, finding new blocks and putting transactions into blocks.
2.Nodes on the other hand are what most people would run, and nodes only really matter to themselves (outside of relaying transactions). So an underpowered node has no effect on the network.

Major applications of blockchain include cryptocurrencies—including bitcoin, BlackCoin, Dash, and Nxt—and blockchain platforms such as Factom as a distributed registry, Gems for decentralized messaging, MaidSafe for decentralized applications, Storj and Sia for distributed cloud storage, and Tezos for decentralized voting.

Blockchains are as fundamentally important as inventions like: the SmartPhone(The world's first blockchain smartphone "Finney" is in development), electricity, running water, SMTP, TCP, Paxos, etc.

Blockchain is the technology that runs Bitcoin.

Benefits of using Blockchain technology are :
Trustworthy system: Data structure build using blockchain allows users to make and verify transactions without a third-party involvement.

Empowered users: Users are in control of all their information and transactions.

Durability, reliability, and longevity:Due to the decentralized networks, blockchain does not have a central point of failure and is better able to withstand malicious attacks.

Reduced transaction costs:A transaction system build using blockchain eliminates third party intermediaries and overhead costs for exchanging assets.

Faster transactions: Interbank transactions can potentially take days for clearing and final settlement, especially outside of working hours. Blockchain transactions can reduce transaction times to minutes

Data transparency: All the changes that are made to the public blockchain can be viewed by its participants

What is Bitcoin?
Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, as the system works without a central repository or single administrator.

It was invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto and released as open-source software in 2009. Since that time, the Bitcoin blockchain has operated without significant disruption.

Bitcoins are virtual currency. New ones are generated by computers solving really hard math problems - this is called "mining".

Bitcoin is "trustless" and decentralized. Decentralized means there is no one single entity controlling it and no single point of failure.
Trustless means you don't have to trust the other people in the network to be honest, you do however have to trust the code to work properly, hence the quotation marks.

The word bitcoin occurred in the white paper that defined bitcoin published on 31 October 2008. It is a compound of the words bit and coin. The white paper frequently uses the shorter coin.

Facts about Blockchain:

A blockchain database consists of two kinds of records: transactions and blocks. Blocks hold batches of valid transactions that are hashed and encoded into a Merkle tree.

The first distributed blockchain was conceptualised by an anonymous person or group known as Satoshi Nakamoto, in 2008 and implemented the following year as a core component of his digital currency – bitcoin – where it serves as the public ledger for all transactions.

The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem without the use of a trusted authority or central server.

The first work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta.

In 1992, Bayer, Haber and Stornetta incorporated Merkle trees to the blockchain as an efficiency improvement to be able to collect several documents into one block

The words block and chain were used separately in Satoshi Nakamoto's original paper in October 2008, and when the term moved into wider use it was originally block chain, before becoming a single word, blockchain, by 2016.

In August 2014, the bitcoin blockchain file size reached 20 gigabytes.

In January 2015, the size had grown to almost 30 gigabytes, and from January 2016 to January 2017, the bitcoin blockchain grew from 50 gigabytes to 100 gigabytes in size

Some blockchains create a new block as frequently as every five seconds.As blockchains age they are said to grow in height.

Bitcoin and other cryptocurrencies currently secure their blockchain by requiring new entries including a proof of work. To prolong the blockchain, bitcoin uses Hashcash puzzles developed by Adam Back in the 1990s.

Important quotations about Blockchain from famous persons:
Quote:
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

-Don & Alex Tapscott, authors Blockchain Revolution (2016)

Quote:
“Blockchain solves the problem of manipulation. When I speak about it in the West, people say they trust Google, Facebook, or their banks. But the rest of the world doesn’t trust organizations and corporations that much — I mean Africa, India, the Eastern Europe, or Russia. It’s not about the places where people are really rich. Blockchain’s opportunities are the highest in the countries that haven’t reached that level yet.”

-Vitalik Buterin, inventor of Ethereum

Quote:
“Bitcoin has the same character a fax machine had. A single fax machine is a doorstop. The world where everyone has a fax machine is an immensely valuable thing.”

-Larry Summers, Former US Secretary of the Treasury

Quote:
“I think decentralized networks will be the next huge wave in technology.”

-Melanie Swan, author Blockchain: Blueprint for a New Economy (2015)

Quote:
“Online identity and reputation will be decentralized. We will own the data that belongs to us.”

-William Mougayar, author The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology (2016)

Related Videos:










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