Imagine a future where hackers can’t dupe you… sounds unbelievable right? Well you shouldn’t block such chain of thoughts (see what I did there). Blockchain is the future, every corporation is after it and you should not miss this train! Let’s get aboard!!
Before that we should understand how internet works?
The purpose is to make you understand the difference between traditional model and the change the blockchain is going to bring.
Client-server architecture usually powers the internet. It is a computing model in which the server hosts, delivers and manages most of the resources and services to be consumed by the client. This type of architecture has one or more client computers connected to a central server over a network or internet connection.
Blockchain technology brings the change in the form of peer-to-peer network. Here a group of computers are linked together with equal permissions and responsibilities for processing data. Unlike traditional client-server networking, no devices in a P2P network are designated solely to serve or to receive data.
Difference between traditional model and the change the blockchain will bring
What is Blockchain?
Blockchain seems complicated, and it definitely can be, but its core concept is really quite simple. A blockchain is a type of database. One key difference between a typical database and a blockchain is the way the data is structured. A blockchain collects information together in groups, also known as blocks, that hold sets of information.
Blocks have certain storage capacities and, when filled, are chained onto the previously filled block, forming a chain of data known as the “blockchain.” As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order.
This system makes an irreversible timeline of data when implemented in a decentralized nature. When a block is filled it is set in stone and becomes a part of this timeline. Each block in the chain is given an exact timestamp when it is added to the chain.
Data stored in blocks with irreversible timestamps
Implementation
For the purpose of understanding blockchain deeply, it’s best to see how Bitcoin has implemented the technology.
Like a database, Bitcoin needs a collection of computers to store its blockchain. But the catch is these computers are not all under one roof.
Bitcoin consists of thousands of computers, but each computer or group of computers that hold its blockchain is in a different geographic location and they are all operated by separate individuals or groups of people. These computers that makeup Bitcoin’s network are called nodes.
Each node has a full record of the data that has been stored on the blockchain since its inception. If one node has an error in its data it can use the thousands of other nodes as a reference point to correct itself.
If one user tampers with Bitcoin’s record of transactions, all other nodes would cross-reference each other and easily pinpoint the node with the incorrect information. This system helps to establish an exact and transparent order of events.
Scope
- Banking and Finance
- Currency
- Healthcare
- Records of Property
- School Record
- Smart Contracts
- Supply Chains
- Voting
So you can conclude that blockchain is going to be an integral part of Web 3.0 Lastly, it is now not a question “if” the companies are going to catch up on technology – it’s a question of “when”