We are sure that you would have heard of Bitcoin, right? Well, frankly, who hasn’t? Having helped shattered some road to millionaires’ list was all due to this digital currency that had a great ride just this past year. While this digital currency along with many others are destined to change the transactions as we know it, we here are more focused on researching and getting to know about the technology that powers it and this is where Blockchain Technology comes into play.
To some, this technology has acted as a game changer, while for others; it has created headaches because frankly, not everyone is as good as Satoshi Nakamoto (the creator of Blockchain) or any other tech geniuses of his kind. So, if you find yourself anywhere among the latter, then you have nothing to worry about because by the end of this guide, you will have a clear idea of what actually Blockchain is and what makes it so amazing and unique.
Before moving forward to what Blockchain is all about, let us first dig into its history so that you have what it takes to provide UK assignment help, so shall we? Currencies like Bitcoin, Ethrum and others which exist because of this mere technology is based upon the concept of Merkle Tree which was a data structure that facilitated in verifying and handling during the transfer of data. In 1991, Merkle Tree helped in creating a “secured chain of blocks” whereby which, the newest record of chain would have a complete history of the previous one – and that is how Blockchain came into existence.Later in 2008, a man named Satoshi Nakamato enlightened the world with the concept of distributed blockchain whereby which transactions could take place in a peer to peer network where every entity would verify and sign on each exchange. The best part of it was that all of it was done without having any central authority. And hence, this concept is what today’s cryptocurrency is based upon and is the Blockchain as we know today.
Blockchain Working Methodology:
So, how exactly does the world of Blockchain work? Before heading to those concepts, let us help you clear some key features of the amazing technology.
- Blockchain uses ledger which basically is a track record of all of the data exchanges (known as transaction) taking place in a peer to peer network.
- For the verification of the transactions, it makes use of distributed system which is a network of nodes.
- After getting verified and signed, the transaction cannot be altered in any way and hence is added to the world of Blockchain.
For identification purposes, you are given a wallet address that is basically a set of cryptographic keys. These keys are further broken down into public and private keys which form together to combine your unique digital identity.
In the world of cryptocurrency, these keys help you sign off transactions on your behalf. So anyone who has access to these keys of yours can basically play with all of the assets that you have on that particular wallet and you certainly would not want that to be done right? While if you forget to do your assignment, you can always approach UK assignment help but forgetting your private keys or giving it to anyone can make you go through a huge loss which would become irrecoverable.
Moving on to the transaction, whenever it takes place, it is signed by the person authorizing it. So, if you try sending any BTC or any cryptocurrency for that matter to your friend, it will be something like “You are transferring Ana 2 BTCs”. This in turn will be added to the ledger where your digital signature along with public key, unique ID and time stamp would be recorded and stored. After the transaction has taken place, it is broadcasted to the whole of peers in the network of nodes so that everyone acknowledges it and adds to their part of the ledger.
Why is Decentralization Important?
We are sure that you would have read about the decentralized aspect of the Blockchain world, right? Well, to say the least, it is one of those aspects that make Blockchain such a breakthrough technology. The fact that it is decentralized helps the technology to be free of any kind of tampering and corruption.
Because it makes use of peer to peer network, all of the ledgers maintained by different nodes are stored in different places. So, unless you are able to track each one of them down and change transaction in each one of them, you barely would have any success and as such won’t go very far.
This aspect of Blockchain makes the technology very appealing and probably this is the reason as to why it is being adopted in many industries which are not even related to cryptocurrencies.
Blockchain is amongst those technologies that could set the new world order. With so many developers and users pouring in, we can only imagine that the world of Blockchain will only grow at an exponential rate. So, if you want to stay tuned of the latest developments, keep on coming back over here. Until next time!
Andrew Lewis, a tech enthusiast, he did his Bachelors from Reckword University from where he majored in Economics and Finance. Even before he graduated, he was involved with multiple companies as their technology contractor. He has worked at ART as a Business Analyst for most part of his life and has helped them rebrand themselves in the most elegant and proficient ways. While at it, he has also devised strategies for improving sales of the company. Apart from it, he has also been associated with multiple NGOs for whom he has worked for multiple causes. Amongst his dearest is global warming for which he has partnered with WWF. In his free time, he takes up courses and plays or watches football.