Blockchain is one of the ongoing technology ,which each student like to learn.it is simple to understand but difficult to hack. is blockchain is the future of this generation? is one of the ongoing question in every ones mind.
what exactly is blockchain?
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding).
Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
How does it work?
1.Transaction data:
The data on the Bitcoin blockchain exclusively exists out of transaction data in regard to Bitcoin transactions. It is a giant track record of all the Bitcoin transactions that have ever occurred, all the way back to the very first Bitcoin transaction.
2.Chaining the blocks (with a hash):
Three blocks, all containing some transaction data. Not quite special yet. You can compare it to some stand-alone word documents that simply describe what transactions have occurred and how these have impacted certain balances.
3.How the signature (hash) is created:
In blockchain, this signature is created by a cryptographic hash function. A cryptographic hash function is a very complicated formula that takes any string of input and turns it into a unique 64-digit string of output.
4.When does the signature qualify, and who signs a block?
A signature doesn’t always qualify. A block will only be accepted on the blockchain if its digital signature starts with — for example — a consecutive number of zeroes.
5.How does this make the blockchain immutable?
altering a block will unchain it from the subsequent blocks. In order for an altered block to be accepted by the rest of the network, it needs to be chained to the subsequent blocks again.
6.How is the blockchain governed? Who determines the rules?
The blockchain protocol does this automatically by always following the record of the longest blockchain that it has, because it assumes that this chain is represented by the majority.
7.Where does this leave cryptocurrencies?
Cryptocurrencies are basically an altered form of Bitcoin. Most cryptocurrencies are built upon their own blockchain protocol that may have different rules from the Bitcoin blockchain.
Is blockchain is the future of this generation?
yes, I would always vote for the yes because blockchain is one of the most emerging technology now a days. and also it can’t be hacked so easily because most of the system are inter connected.
With the number of job openings exceeding qualified developers, blockchain development is one of the fastest rising fields in the labor market. A successful career in blockchain engineering offers multiple job paths and an opportunity to work on innovative projects using cutting-edge technology.
SUMMARY:
The future of the block chain is in the hands of the student or learner who wishes to learn it. the technologies like blockchain should come so that we can stop many of the illegal work that are running in this society.
so what’s your opinion guys do let me know.
