What is BlockChain | Everything About BlockChain

BlockChain:

    In the modern era, everyone is talking about Cryptocurrency, because this is going to be the next big thing like the internet, so if you don’t want to stay away from the conversation then please follow our blog. Because we are going to start a new series where we will explain to you all about cryptocurrency in an easy way. So let’s start with the base of crypto. Blockchain.

 

What is Blockchain:

    You might be thinking that what is blockchain and all? There are two words 1.block and 2.chain. That means blocks are connected by a series of chains. Now the next question is what do those blocks contain? Too many questions right? Okay so let me explain.

  Google, Facebook, Yahoo all are centralized websites, which means each of them is controlled by a particular company or a particular person. And they can change our data or also can use them for their profit. Somehow that process affects our privacy. But blockchain is a decentralized process that is not controlled by anyone, neither any company nor any person. It is a huge spreadsheet that contains data of every user, and every user on that network has access to the spreadsheet. The spreadsheet contains blocks that are divided into three parts, and each block is connected via chains. Every block contains a hash, a previous hash and data of transactions between users. The first block doesn't hold any previous hash that is called the genesis block.

Hash, Previous Hash, Data

 Hash, previous hash and data:

Hash is a code in a blockchain like AAAA is a hash code in the first block. After a payment in cryptocurrency the second block generates and creates a new hash code BBBB, to match the first block that also creates a previous hash code AAAA(basically the hash of the first block), and at the end new data got registered in that block, like who paid whom how much cryptocurrency and vice-versa.

Consensus Rule:

 After every block generated the spreadsheet gets distributed or updated to every user on that network. Anyone can see that and can also try to change that block. But that is not as easy as it seems. If you want to change the data in a block, then the hash code of the block will change automatically and it won’t match with the previous hash of the next block and vice versa. In that case, you have to change all the hashes on that network, which will consume a lot of time. In bitcoin, every block takes 10 minutes to change the hash. After you change the hashes you have to share the blocks with everyone. Then there will be voting between all the members of that network and if they consider your change legitimate and agree with the change, only then you can change the data, if not so then your change will be rejected by the algorithm. That is called the Consensus Rule. 

  So we can say that it is almost impossible to cheat or hack blockchain, but not totally impossible. 

 

 If you have any doubt to understand anything from the above article then comment down below we will do our best to help you out. Stay tuned for the next blog.