Cryptocurrency is the hype of today. Be it teens or adults or even senior citizens everyone is talking about the rise and fall of bitcoin price etc. Bitcoin is very famous still very little credit is given to the creator of Bitcoin. It was created by Satoshi Nakamoto, an unverified individual, in 2008. He created bitcoin using BLOCKCHAIN technology.
Blockchain, as the name suggests, is a chain of blocks. In these chains of blocks, each block has 3 characteristics. This includes a hash, which is like the specific code for each block and the second is the data of each block. The third characteristic is the hash of the previous block. This technology is so secure because of these characteristics.
Hash# – Code of a BlockChain
In blockchain technology, all the blocks are connected through the hash of the previous block. The first block is known as the genesis block. This block is the only block that has only one hash since there is no previous block.
This hash system makes it very secure because if somebody changes one block, its hash changes making all the blocks in the chain after the changed block invalid.
Time! – Makes it so secure
Though this alone doesn’t make this technology secure because there are computers that can calculate the hash of these blocks at a very fast speed. There is a feature of this technology that helps get rid of this problem. The time taken to make a block in a blockchain is 10 mins, and no matter how fast you calculate the hash of the blocks, you cant change it faster than 10 mins. Therefore to tamper with one blockchain having 1 million blocks will take 10 million minutes. Which is of course enough time for anyone to find out that someone is tampering with your chain.
Proof of Work – The end of Security
Proof of work is another feature of blockchain. According to this feature, blockchain technology isnt owned centrally by a single person. A group of people known as nodes owns a specific blockchain. To make a change in any of the blocks, you need to first get approval from 50% of the nodes who own that block. So for a change to be officially accepted, it requires all nodes to add it to their own blockchain.
Therefore, if someone ever needs to tamper with a blockchain, they need to redo all the blocks and get the approval of 50% of the nodes. All of this makes blockchains really effective and secure. People are now planning to use blockchains in medical history, E notary and many other important fields. So blockchain has many uses besides cryptocurrency.