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Introduction to Blockchain

What is Blockchain?

Blockchain is a publicly distributed ledger, maintained by anonymous peer to peer connected nodes in the network. Blockchain is an append only network. A new transaction is listened by miners. Miners are a special type of node, trying to build a block by gathering all transactions in a certain time. This process is called mining. For Bitcoin this time is 10 minutes only. 

Whenever a block is mined. These miniers publicly broadcast to all peers in the network. If this block is accepted by all the peers then it is added to the network. All the peers are open to read the whole database after joining this network. Blockchain is an append only network means no one can alter any node once it is added to the network. Here is basic structure of blocks and chain of blocks in blockchain network

Blockchain Components

Components involved in a complete blockchain network are:

  1. Block
  2. Mining
  3. Network (Peer to Peer)
  4. Transaction
  5. Concurrent mechanism

What is the need for Blockchain

Bitcoin was basically a whitepaper of Satoshi Nakamoto published in 2008. The main aim of this whitepaper was to convert the conventional banking system into a system where we didn’t rely on a centralized system. In this system each transaction has a timestamp. This timestamp needs acceptance from each node for its validation. And a complete history is managed so that no one can tamper it.

Types of Blockchain

There are following types of blockchain models

1- Public Blockchain Network

In a public blockchain network anyone can join this network and start mining. Its database is also publicly listed on the network. Like Bitcoin, Ethereum.

2- Private Blockchain Network

This network is not publicly listed and to join this network you need an authority certificate. This network is maintained by any specific organization. Like Hyperledger network

3- Hybrid Blockchain Network

This network is a combination of public and private networks. Such as Xinfin.

Area of Blockchain

Due to its efficiency all the popular organizations are now adopting blockchain networks. We can now say that “The Future is Now Blockchain”. Main areas where blockchain is involved are:

  1. Cryptocurrency
  2. Supply Chain Network
  3. Food Sector (like Walmart)
  4. KYC (Know your customer)
  5. Health Care Systems

Conclusion

This is the era of the internet and as a developer you should know about blockchain. It is a fact that the future of development is only blockchain. You should adopt blockchain because

High Demand

Blockchain is now in very high demand. Almost all the biggest companies are shifting its systems to blockchain technology and all payment companies are also accepting crypto currencies.

Crypto Currencies

Everyone is familiar with crypto currencies, especially bitcoin. Bitcoin is only a product of blockchain. You must know about blockchain in depth if you are looking to work in the digital world.

Teach Others

Due to high in demand every university is now adopting blockchain as a core subject in computer science. So as a teacher you should learn this technology to teach others.

Security

Blockchain development is also very secure and safe. You should adopt this technology in data securities.