WHY BLOCKCHAIN IS SO POPULAR?WHAT IS BLOCKCHAIN?HOW IT WORKS???

BLOCKCHAIN TECHNOLOGY

"Blockchain" is a chain of blocks that contains information,that technique originally described in 1991,however it went by unused until it was adapted by "satoshi nakamoto" in 2009 to create the digital cryptocurrency named as "bitcoin". when ever we want to implement any technology first we should think about their security and trustibility apart from uses,now in case of blockchain we are storing some data thats cool but those two things we have to think about,now the security can easily done by "cryptography".in cryptography via  encryption we are converting the message to unreadable format so that only authorized person only can crack the message.now these encryption process may be two types depending upon the no of key "symmetric encryption","asymmetric encryption",where we are getting the concept of public and private key.

Now all the technology works on "cryptography",whats special on "blockchain"

Blockchain is a not a centralized system,its a distributed system which works on "peer to peer" network(peer refers to the nodes).now question arises it is a distributed system and works on peer to peer network,who will manage the database

lets take a example person-1 and person-2 want to transfer money in between them,now we need some central database to mention the transaction record.in blockchain we have  a database named as "ledger",which is immuatable that means we can not edit the database that is the main beauty of this technology.

In blockchain every information stored in a block.if we consider the example of bitcoin then all the transaction record are stored in the block.every block contains with the data as well as hash key.in this case we need to generate hash key of every block by using "sha-256"(256 bit key),"sha-512"(512 bit key).we can use any kind of key("depends on the nature of the blockchain").but fact is that every block with be filled with the data,its own hash key as well as the  hash key of previous block.in the example we seen that all the three blocks are connected via chains and "block-2"contains data and its own hash key k2 and hash key of the block-1(k1),similarly block-3 contains with the data,its own hash key-k3 and hash key of the previous block that is-k2.it is noted that the 1st block only contains with the data and its own key k1,this block is known as "genesis block".so from here it is clear that all the blocks are connected or link with the next block with using the hash key,now someone wants to tamper one hash key ,the whole system will be changed.in blockchain technology there is called "proof of work",that is 10 min  for the bitcoin,that will save the blockchain system from data tampering,that is the beauty of the technology.it is almost impossible to crack one blockchain. we can create own blockchain via javascript, c#,solidity.there ate three types of blockchain we are basically using 1.public 2.private 3.federated blockchain. this technology can be implemented in "bitcoin","health care",supply chain etc.


 for more blogs on bitcoin,cryptography,symmetric and asymmetric encryption,cryptocurrency,genesis block,ledger,mining,digital signature,peer to peer network,private key,public key,,hashing,rsa algorithm,sha-256,sha-512,hash key,smart contracts please follow:)

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