A Closer Look at Block Chain Technology
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The Blockchain Dynamics
Picture this: You are driving a Bentley at 200 miles an hour. However, owing to recorded footage from CCTV and the sensor placed on roads, you get caught by the police for crossing the speed limit. Here, the recorded footage and sensor readings are concrete evidence of you violating the regulatory speed limit. For blockchain, replace that camera and sensor with a complex mathematical equation that validates every transaction happening in a chain of blocks. Here, the transfer is safe and secure, and everyone involved in the chain knows the source of transfer, but no one can question the legitimacy of the transfer. For starters, blockchain can be described as a ledger that can take in new information, but once that information is stored, it cannot be adjusted, evaluated, or changed. The entire function is accomplished through using cryptography, which links the contents of all previous blocks and invalidates the entire chain if any information is tempered.
For a more comprehensive understanding, in blockchain a large number of computers are connected to a network to eradicate the malicious activities of the transaction as everyone participating in the chain must compete to solve a mathematical proof. This also makes the entire process decentralized as no single entity can take ownership of the information on the blockchain. The unique factor of the chain is that can be publicly published and verified, and hence anyone participating in the chain can verify the events that were recorded.
With immense benefits, the growth of blockchain will radically improve in the years to come along with the potential of application that relies on it. The proliferation will also increase consumer awareness along with building an equally supportive community. As with every nascent technology, blockchain will witness steady growth, but gradually it will bring tangible benefits once its usage increases.