Blockchain Definition: What You Need to Know
Blockchain is a decentralized system in which relevant information about our transactions is been stored. It is very difficult or impossible to modify or cheat in this system. In this system, several copies of your database are in hands of the entire network which makes it the most secure system.
Many corruptions are happening under the table and what happens in this are the transactions of black money. And there is a place or database where all the records of these transactions are been recorded.
We do not consider that database to be a reliable one because of a few reasons like we are not having access to that data and the second important reason is that the admin of that database can anytime change for the security purpose of the data. So, it is necessary to have a decentralized form of transactions where the authority to access the transactions history must not be there in one hand. In this form of system, the database is accessible to different bodies. It is near to impossible to modify or change the details of the database in a decentralized form of transactions. A decentralized type of system is the most preferred and trusted by everyone. Blockchain is totally about this type of database and decentralized system.
Blockchain- Next Level of security
Blockchain is introduced in the 1990s when its research is ongoing but it is implemented in 2009. It is introduced by an anonymous developer Satoshi Nakamoto who made bitcoins with the help of blockchains and from that time onwards the boom of cryptocurrency has been introduced in the world.
All the details of transactions like from where it had come where will it go and every detail is been recorded in this system of blockchains where these records are stored in the ledger. Every piece of information in this ledger is a block. And the combination of these blocks makes a complete blockchain. You may want to know about the most secure blockchain in the current period. Bitcoin is the most secure currency as it is having much higher rates of hash. With the help of Blockchains, transactions can be traced back by the source in the chain.
In these blockchains, relevant information are been stored. The most important information is the hash it is basically like a fingerprint. In each block of a blockchain, there is always a fingerprint or a biometric code of all types of information that is been stored in the blockchain. Previous hash is also stored in this information contained in the blockchain. So after all these featured blockchains are considered to be the safest form of system in which all the necessary transaction details are been stored.
There are numerous layers of security are been implemented in a blockchain. If details of any blockchains are changed then automatically the hash will also get changed. The block in which information is been changed the hash of that particular block will automatically get changed and all the other blocks’ hash will be shown as invalid. It takes 10 to 15 minutes approx to change a single hash of a block, so it is very difficult to change every hash of the blocks. The whole network which is involved in a particular blockchain has access to all the details of that blockchain and you cannot change them at any cost. Before changing any hash you have to first verify it from other members linked in the blockchain network they will decide if the hash of the block is necessary to change or not.
So yes, blockchain is the most secure form of network that gives us a security that not a single information can ever be shared with anyone which makes it the most reliable form of the decentralized system.