Author: Mr. Gunawan WidjajaPublisher: Xoffencerpublication
ISBN: 8119534301
Category : Computers
Languages : en
Pages : 212
Book Description
Let's take a look at the beginnings of the technology that is now known as blockchain before delving into the specifics of how the blockchain works and the various other components of it. In 1991, a team of academic academics was the first to present the intellectual framework that underpins blockchain technology. The concept was first conceived for the purpose of time-stamping digital documents in such a way that it would be impossible to retroactively change their dates afterward. Despite this, the concept was mostly ignored until Satoshi Nakamoto brought it up once more in the white paper he published. It is possible that this is the first time in the history of the world that the creator of a game-changing technology has chosen to remain fully nameless. An unknown individual or group is said to be behind the creation of the first blockchain, which was Bitcoin. This person or group goes by the name Satoshi Nakamoto. 2009 marked the year when Bitcoin became the world's first cryptocurrency to use a blockchain. In the years that followed, bitcoin gained traction, and the technology that it was based on went on to gain an even greater following. Therefore, the uncertainty and lack of clarity among people began at the very beginning of the phenomenon itself; a product and the terminology associated with it became viral before the technology that underpinned it. And when the blockchain exhibited its true potential, people were attempting to associate it with the terminology of bitcoin, which resulted in a complete misunderstanding and confusion on everyone's part. On the other hand, you should begin with blockchain and work your way up to trying to grasp bitcoin. Before delving further into the particulars of the technology, there is another issue that has to be answered first. In order to label a piece of technology as revolutionary, it must, of course, offer significant advantages over previously existing technologies. The following are some advantages that blockchain technology has over pre-existing solutions in various industries: What is Blockchain? When we look at the data structure, data distribution, data validation (which refers to the authentication of a piece of data in blockchain), and other associated terminology of blockchain, we can get a good understanding of the characteristics. IBM defines blockchain as a shared and distributed ledger that makes it easier to record transactions and keep track of assets inside a network. Blockchain was developed by the company IBM. The asset might be a tangible one such as a piece of real estate, a house, or a vehicle, or it could be an intangible one such as digital money, the rights to intellectual property, or something similar. In its most basic form, it takes care of storing data and tracking where it goes throughout a decentralised network. Let's check at its specifics. On a P2P network, it functions as either a decentralised database or a public register that maintains information on assets and the transactions involving those assets. The use of encryption will be employed to ensure the safety of each transaction, and at some point in the future, the history of all transactions will be compiled into blocks of data and stored away. After that, the blocks are protected against alteration and connected to one another through the use of cryptography. The entirety of the procedure will result in the production of an unalterable and unfalsifiable record of the transactions that took place throughout the network. In addition to this, blocks of records are duplicated to all of the computers that are participating in the network, making it possible for everyone to have access to it. The fact that blockchain can store any form of asset together with facts about its ownership, a history of that ownership, and the placement of assets within the network is one of the technology's most significant advantages. Whether it be the virtual currency bitcoin or any other type of digital asset such as a certificate, personal information, a contract, title of ownership of intellectual property, or even the physical things themselves, digital assets may be used to store and transfer value. The most significant aspect of Blockchain is its ability to enable the creation of a shared reality between entities that cannot be trusted. That is to say that none of these participating nodes in the network are required to know or trust one another because each node possesses the capability to independently monitor and validate the chain. It's a cruel twist of fate that participants' inherent mistrust of one another is what ultimately ensures the blockchain's integrity and veracity.
