Why Bitcoin Safe? Know Blockchain? | A Revolution Of E-Currency and Security
Blockchain first uses in 2008 to do a public transaction. To be clear about it, we need to know what bitcoin is.
Why Bitcoin Safe? Know Blockchain? | A Revolution Of E-Currency and Security
Blockchain a new method. The modern world is grabbing Blockchain to secure technology and keep the pace in every work. Let’s know about this method.
What is Blockchain?
Initially, if we think about the word, it tells about the chain of blocks. It is a combination of a vast number of blocks to make a chain.
In the technological world, Blockchain is a technology managed by a peer-to-peer network using distributed ledger (database). Every block of Blockchain consists of information, which is secure and difficult to read or change without proper authorization.
History of Blockchain
Blockchain first uses in 2008 to do a public transaction. To be clear about it, we need to know what bitcoin is. Most of us heard of Bitcoin. But we know little about Blockchain. However, bitcoin is based on Blockchain. A man named Satoshi Nakamoto invented the Blockchain to serve the public transaction ledger of the bitcoin. Nevertheless, the main thought came in 1991.
Stuart Haber and W. Scott Stornetta were the first to think about the security of the chain of blocks. They try to prevent the tempering of the document’s timestamps. After that, in 1992, Bayer, Haber, Stornetta make a design of block that can store all certification of a report. After that, Satoshi makes the idea conceptual of gathering information in a block. Satoshi importantly improved the design using a Hashcash-such as the method to timestamp blocks without requiring them to be signed by a trusted party and introducing a difficulty parameter to stabilize rate with which blocks are added to the chain. Satoshi uses this concept to the cryptocurrency system, “Bitcoin.”
How Blockchain works
Initially, Blockchain is a chain of the block. But in-depth, it’s a fantastic technology to use. First of all, blockchain thought comes for decentralized ledger (database). In the past, every system used a centralized ledger. For this centralized ledger, many problems occur. The main problem was the security problems. So Blockchain makes the change and uses the decentralized public ledger. Also, Blockchain secures each block by hashing. Each block connected to its before and after block. This link-up depends on the number. This number is an encrypted number, which is done by hashing. And this number changes after every ten (10) minutes. If the number changes or breaks, the chain will not work. That means to hack a blockchain is more than difficult. If anyone tries to hack Blockchain, he needs to break the hash number too. Though he breaks the number, he needs to link up that with full chain, which is also impossible. Therefore, a blockchain is secure and safe.
For this reason, Blockchain gets more popularity for e-transaction. Another point is that Blockchain is perfect for authorization. Blockchain prevents any unauthorized person from entering the system. Blockchain first checks if the person is authorized for the action or not. If he is an authorized person, he can do his selected activity only. This is another security part of the Blockchain.
Bitcoin and Blockchain relation
Bitcoin is a cryptocurrency system. This bitcoin based on Blockchain. The block of Blockchain does the transaction. Each block consists of all the information about the deal. And all related blocks make a chain. Blockchain is a decentralized public technology so that anyone can view content, but users need to connect their computer with the network. When they connect their computer successfully, they receive a copy of the Blockchain, which takes updates automatically. In this update, the new block can be added. This chain has the same copy of more than a thousand. But none can do any action without authorization. Users also have a unique identity. Blockchain uses the identity to know the purpose and give him permission, which allows him access. At the time of transaction each block, send the information of transaction and user info. So making an illegal transaction is very dangerous Because all data is stored in the Blockchain.
The main goal of Blockchain is to allow digital information to be recorded and distributed but not edited, which makes the bitcoin transaction safe. For this reason, every system from banking, health, e-voting, supply chain, agriculture use bitcoin.
