Blockchain Technology

Block chain can be defined as a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. It is a system of recording information in a way that makes it difficult or impossible to change, hack or cheat the system. A block chain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the block chain. Block chain technology can be used to create a permanent, public, transparent ledger system for compiling data on sales, tracking digital use and payments to content creators, such as wireless users or musicians. This technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital assets. By inherent design, the data on a block chain is unable to be modified, which makes it a legitimate disruptor for industries like payments, cyber security and healthcare.

Of course, block chain is more complicated than a Google Doc, but the analogy is apt because it illustrates the critical idea of the technology. Block chain is an especially promising and revolutionary technology because it helps to reduce risks, stamp out fraud and brings transparency in a scalable way for the myriad uses. Block chain consist of three important concepts: blocks, nodes and miners.

Block- Every chain consists of multiple blocks and each block has three basic elements:

• • The data in the block.
• • A 32- bit whole number called a nonce. The nonce is randomly generated when a block is created, which then generates a block header hash.
• • The hash is a 256- bit number wedded to the nonce. It must start with a huge number of zeroes.

When the first block of a chain is created, a nonce generates the cryptographic hash. The data in the block is considered signed and forever tied to the nonce and hash unless it is mined.

Miners- Miners create new blocks on the chain through a process called mining. Miners use special software to solve the incredibly complex math problem of finding a nonce that generates an accepted hash. Because the nonce is only 32 bits and the hash is 256, there are roughly four billion possible nonce- hash combinations that must be mined before the right one is found. When that happens miners are said to have found the golden nonce and their block is added to the chain. When a block is successfully mined, the change is accepted by all of the nodes on the network and the miner is rewarded financially.

Nodes- One of the most important concepts in block chain technology is decentralization. No one computer or organization can own the chain. Instead, it is a distributed ledger via the nodes connected to the chain. Nodes can be any kind of electronic device that maintain copies of the block chain and keeps the network functioning. Every node has its own copy of the block chain and the network must algorithmically approve any newly mined block for the chain to be updated, trusted and verified. Since block chains are transparent, every action in the ledger can easily be checked and viewed.

Block chain has a nearly endless amount of applications across almost every industry. The ledger technology can be applied to track fraud in finance, securely share patient medical records between healthcare professionals and even acts as a better way to track intellectual property in business and music rights for artists. Block chain becomes a key player in the fight against COVID- 19, mainly for securely storing medical research data and patient information.

By spreading its operation across a network of computer, block chain allows Bitcoin and other cryptocurrencies to operate without the need of a central authority. This not only reduces risk but also eliminates many of the processing and transaction fees. It can also give those in countries with unstable currencies or financial infrastructures a more stable currencies with more applications and a wider network of individuals and institutions with whom they can do business, both domestically and internationally.

For all of its complexity, block chain’s potential as a decentralized form of record- keeping is almost without limit. There are several pros and cons of Block chain Technology:-

Pros

• 1. Cost- reductions by eliminating third- party verification.
• 2. Transparent technology.
• 3. Decentralized makes it harder to tamper with.
• 4. Transactions are secure, private and efficient.

Cons

• 1. Low transactions per second.
• 2. History of use in illicit activities, such as on the dark web.
• 3. Regulation varies by jurisdiction and remain uncertain.
• 4. Data storage limitation.

Transactions on the block chain network are approved by a network of thousands of computers. This removes almost all human involvement in the verification process, resulting in less human error and an accurate record of information.

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