(32 ULTIMATE ANSWERS) WHAT IS BLOCKCHAIN TECHNOLOGY?

(32 ULTIMATE ANSWERS) WHAT IS BLOCKCHAIN TECHNOLOGY?


what is blockchain technology,blockchain technology explained, blockchain technology pdf, blockchain tutorial, blockchain technology applications, blockchain technology in banking, blockchain technology companies, blockchain technology upsc, blockchain developer  - buxcoindigicrypto.blogspot.com
What is Blockchain technology?
What is Blockchain technology? | In this article, we have explained blockchain technology if you need to see full brief details information about how Blockchain Technology actually works? What are the features of blockchain? And how blockchain works in the cryptocurrency system? What is the meaning of blocks and chains in blockchain technology? Let’s come to know all these questions answer.


DON’T WANT TO KNOW 32 STEPS  ULTIMATE ANSWERS  ABOUT BLOCKCHAIN TECHNOLOGY?

 1.      Don’t want to know 32 steps ultimate answers about blockchain technology?
1.1.1.      Revolution of blockchain technology.
2.      What is blockchain?
3.      Evolution of cryptocurrency.
3.1.1.      Current transaction.
3.1.2.      Can steal your money.
4.      How blockchain works?
5.      More advance basics of blockchain technology.
5.1.1.      What does blockchain technology really mean?
6.      How each block is stored 3 records?
6.1.   Hash system.
6.2.   Transaction data.
6.3.   Hash block.
7.      What is the size of the blockchain?
7.1.1.      what is genesis block?
7.1.2.      Who is a validator or miner?
7.1.3.      Mining devices list.
7.1.4.      GPU.
7.1.5.      Asic.
7.1.6.      Cpu.
8.      What is the verification of a transaction?
9.      A drawback of blockchain.
9.1.1.      Cardano.
9.1.2.      Ripple.
9.1.3.      Tron.
9.1.4.      Eos.
9.1.5.      Stellar.
10.  Blockchain network security & integrity.
11.  How is secure blockchain technology? Is it really very secure?
11.1.1.  Don’t want to know what is the future of blockchain technology?
11.1.2.  What is scalability?
11.1.3.  What is decentralize?


Hey Guys, welcome in this article to know regarding BLOCKCHAIN TECHNOLOGY DETAILS as you are searching in Google and you have landed our site thanks for coming I hope you will get all the  relevant information in this site related BLOCKCHAIN TECHNOLOGY of cryptocurrency.

REVOLUTION OF BLOCKCHAIN TECHNOLOGY

Blockchain Technology is one of the latest technology is being used in cryptocurrency. As we know a lot of things has been changed in the 21st century. Today we are all depending upon technology why because by implementing the latest technology our task is done smoothly and easily. A very smart way the things are used in the technology line with a unique protocol to complete work. So each and every field the technology has entered to fulfill our requirement. As like we have seen a revolution of cryptocurrency in the previous article how the paper currency have turned into  virtual currency so if you don’t know review of cryptocurrency you can read that first then you can easily understand regarding one of the heart feature of cryptocurrency that is BLOCKCHAIN one of the most important.

Blockchain Technology is uniquely designed to solve centralized issues. So let’s see the details about BLOCKCHAIN technology in depth with 32 easy step easy and simple way.

WHAT IS BLOCKCHAIN?



This video by - Lucas Mostazo


Blockchain the name has come with bitcoin as we know earlier who has first introduced in the year 2009 by Santoshi Nakamoto, the boss of a cryptocurrency you can say. This system was designed in such a way to solve centralized financial problems moreover setting up a protocol that can do more than that.

For this biggest protocol reason Santoshi Nakamoto was introduced digital cryptocurrency bitcoin on the bases of this technology.

The main ambition behind to develop bitcoin was the that in future everyone member of cryptocurrency could transfer virtual asset easily from one account to another account without having a third party.

EVOLUTION OF CRYPTOCURRENCY


Another important reason behind to dragged into the market that was security of network and replace the current centralized system.

As we know the boss of cryptocurrency Santoshi Nakamoto the creator or you can say the developer  of BITCOIN who written a protocol on which the virtual currency has been created.

Current transaction
Currently we are all making payment transaction by using centralized financial way for example, Banks. Here in the bank system, they maintain all registered users ledger separately, or you can say in general they maintain each user records manually in hardcopy which is very private.

Can steal your money
In some time can happen stealers can steal all the money easily by knowing the account number, user name or from some other way because they maintain like a hardcopy each and every information of a user. so if stealer can get some information about the user through that data can steal easily. We can’t believe bank members also why because they are all human being no one has control over them.
If in case bank managers maintain their user's record in a server as a soft copy, in this situation also hackers can hack easily via internet and they can steal or transfer all the money from one account to another account smartly.

So that we are on risk so what's your thinking am I right or wrong think on it!!
Ok come on the subject earlier means a log year ago transaction was done with gold and copper coin through. As time has passed all the transaction turned in to paper currency like Rupees, Dollar , Euro or like plastic currency like Debit Card, Credit Card..etc

By seeing all these harmful and unsolved issues regarding in financial system Mr. Satoshi Nakamoto developed a protocol on which no one will take any control.

So finally, after a lot of effort, he created a protocol on which the first virtual currency or digital currency was built and that is we called BLOCKCHAIN Technology

So I hope you gathered all the detail information regarding bitcoin, blockchain, protocol, creator of bitcoin,..etc so if you wish to increase your knowledge then be with us lets Moov to another interesting part of cryptocurrency Feature or part that is-

HOW BLOCKCHAIN WORKS?


As blockchain was launched in the market for solving all the issues about financial banking system but later on by implementing this protocol it has been identified that to solve many issues and major problems.

This technology has created for complete decentralized system.no one has control over this system it works on its protocol base only without anyone.  

Let’s assume if you are using this Blockchain Network the question arrives that who will goanna verify all those things which are related to verify for a transaction? Because as we know it’s totally designed for decentralize base.

Someone should take authority in the bank system likewise in Blockchain technology who will take charge to control all the system? who will verify the transaction? Don’t worry lets come and see in an easy way with step by step.   
  
Without validator or miner the transaction on the network is not done.I hope you understood easily in one sentence.

Yes definitely, we will learn about this later in-depth, ok, first we will come to know some more Advance basics of Blockchain Technology.

MORE ADVANCE BASICS OF BLOCKCHAIN TECHNOLOGY


What does Blockchain Technology really mean?


An easy way you can say BLOCK is like a BIG CONTAINER ok.
And second thing is that assume NUMBER OF BLOCKS IN SERIES OF CHAIN is a chain. I hope you can understand.

Each and every transaction behind the network will be a part of ONE BLOCK.

Hence, Assume each Block will be like a big container & each transaction is like a Small boxes which are fit into the big container.

HOW EACH BLOCK IS STORED 3 RECORDS?

  1. HASH SYSTEM
  2. TRANSACTION DATA
  3. HASH BLOCK
HASH-It is a unique code to identify the BLOCK.

TRANSECTION DATA-All the information shows regarding the transaction from start to complete. (Information about sender,recipient,address,id no)

HASH BLOCK-LAST INFORMATION OF BLOCK.

WHAT IS THE SIZE OF BLOCKCHAIN?

It depends upon on block size, let’s see an example of BITCOIN it has a 1MB in size and its CASH has 8MB.

Hence, BITCOIN cash has more capacity to hold information in each BLOCK. Each and every block contains a unique data-id of the last block.
This is how actually works on networks where every block is connected with the last block are called BLOCKCHAIN.

Now the intelligent question is arrives that what about the first address of first block?
The answer is it’s called as a Genesis block  why because of it has no address to connect with its last block there is no behind block so that It is called a Genesis block.


WHO IS VALIDATOR or MINER?
Validator means a person one who uses their personal computer to try to resolve mathematical issues which is associated with each and every BLOCK.

The miner task is that to solve mathematical issues which is generated in the network either it may be issues regarding a transaction.

WHAT IS CRYPTOGRAPHY CODE?


CRYPTOGRAPHY CODE-It is one of the best ways to hide secret data which is called CRYPTOGRAPHY CODE. It is a very unique code that means unreadable code.
 Here some of the devices are there used for mining those are –

  1. GPU
  2. ASIC
  3. CPU
By using this type of devices a person tries to solve queries automatically one who able to do will be eligible to mine block, he will take all the unverified transaction into the same block & on the same network another miner has successfully mined and verified transaction. If the transaction is more than 51% the block will be approved. 
It will consider that the blockchain is successfully mined & it will be added to the blockchain as a public data ledger.

WHAT IS VERIFICATION OF TRANSACTION?


It means to verify whether the transaction initiated account legit or not or you can say it checks whether the fund is sent or not to its destination.

As we know in the bank system each user’s registry is maintained by a bank manager likewise in blockchain has its own public registry which is visible to the public or to everyone can see its registry.

Each users transaction from the beginning, date to till date  or you can say full transaction data of users is stored in blockchain clusters.

Hence, each and every BLOCK is verified by a miner and it will be added in ledger transparently. Anonymouse can see the transaction of the user.
Definitely, Why because except for your WALLET ADDRESS, you don’t know your identity.

The is always in alphanumeric code so this unique code is understood by only the owner of that address once the transaction is done by himself.

The unique address code looks like- 5fgfgbg46gggh734ku573d974ffe

Once the person is successfully mined he will get the transaction fees of a block as well as block reward.

The average time duration of BITCOIN is 10 minutes to clear block whereas Other time duration is very low for example-Litecoin, Bitcoin Cash.

BITCOIN is 1st Decentralized system for cryptocurrency  also we can say it is a MOTHER OF BLOCKCHAIN.

DRAWBACK OF BLOCKCHAIN


Due to the blockchain of bitcoin size is very low and the minimum transaction is done per second.

For that reason more then 2000+ other cryptocurrency  came into the market & out of the few cryptocurrency  emerging and speed of transaction is very fast, millions of transaction is done in per second.

Some of the projects are given below.
  1. CARDANO
  2. RIPPLE
  3. TRON
  4. EOS
  5. STELLAR
All the blockchain networks are done multiple ties up with government as well as with financial institute.

I hope you got all the information which is very useful for you regarding blockchain.if you wish to read more then go ahead.

Now we will learn Blockchain network security & Integrity.

BLOCKCHAIN NETWORK SECURITY & INTEGRITY


How is secure Blockchain Technology? Is it really very secure? Let’s see.
I think you understood how Blockchain Technology works and how it is workings as a decentralized system. It doesn’t depend on other central servers.E.g- Google server, WhatsApp server etc...

If someone wants to access the central server so he can able to access all over the data on a network. He gets full permission to access any data on network.

Whereas in the case of Blockchain Technology there is No central Server.
It will have miner or you can say Node. For validation, each block is connected to its last block that becomes a blockchain.

On a blockchain network, we can easily install a mining software to start verifying that processing data or transaction. Because millions of  nodes are on a blockchain Network & we should need at least 50-51% of the total block to get approved.

If an anonymous person in another way to tell in technology field a HACKER one who steal data on the network he/she tries to steal data block then he/she will need to get 50% node to access account which is impossible 99.99%.

99.99% why because of humans by mystics they can steal data or a single BLOCK, not a whole BLOCKCHAIN Network.  

If we talk about IBM(International Business Machine ) - They built their blockchain on stellar (XLM) for high security on a network.

IBM itself explains briefly about blockchain network security because they always using blockchain technology. This platform is very useful for them to make full security.
Minning would be done in some different styles or paths which are given below-
  1. (POW)-Proof of Work.
  2. (POS)-Proof of Stack.
  3. (DPOS)-Delegate Proof of Stack.

DON’T WANT TO KNOW WHAT IS THE FUTURE OF BLOCKCHAIN TECHNOLOGY?


Now a day the technology is becoming very powerful to give more security for us in all the fields even from a single small shop with scalability as well as performing to become a decentralized way. I know what’s going in your mind you have some question like - What is Scalability? What is Decentralize? Am I right? Don’t worry I will explain in detail.
Your first question is what is Scalability?

The answer is -Scalability means ability, how much the ability of the network can handle transactions per second. The speed of calculation in second.

What is Decentralize?

And your second questions answer is about what is Decentralize-It means well secure network for members of users on which there is no control over it for other third parties.
some other info you can get here.

Final words on What is Blockchain technology

As we have read a lot of information regarding What is Blockchain technology? I hope you have got all about blockchain technology in full depth as well as how blockchain technology works and how to implementing it nowadays.

FINAL WORDS ON BLOCKCHAIN TECHNOLOGY-

we have covered these topics What is blockchain? Evolution of cryptocurrency, Current transaction, Can steal your money, More advance basics of blockchain technology, What does blockchain technology really mean? Hash system, Transection data, Hash block, What is the size of blockchain?, what is genesis block?, Who is validator or miner?, Mining devices list, Gpu, Asic, Cpu, What is verification of transaction?

A drawback of a blockchain, Cardano, Ripple, Tron, Eos, Stellar, Blockchain network security & integrity, How is secure blockchain technology? Is it really very secure?, Don’t want to know what is the future of blockchain technology?, What is scalability?, What is decentralize? Well how everyone wants to become a master but nobody wants to do hard work, so we will meet in another interesting topic. Have a nice day be happy always tack care. DONT FORGET TO SHARE THIS ARTICLE WITH YOUR FRIENDS.THANKS A LOT.


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TAGS-what is blockchain technology explained, blockchain technology pdf, blockchain tutorial, blockchain technology applications, blockchain technology in banking, blockchain technology companies, blockchain technology UPSC, blockchain developer, Mohsin Jameel
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