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What is blockchain technology and overview

What is blockchain technology and overview

Blockchain technology which allows data to be stored and exchanged on a peer to peer basis.  In the blockchain, the data can be consulted, shared and secured effectively. Blockchain uses as a  decentralized manner and helps to remove the need for intermediaries or third party applications. blockchain technology is established with the combining of two concepts called asymmetrical and distributed it architecture. Asymmetrical cryptography allows the use of paired public and private systems.

 The system is based on a public key that can be made available to all and allows encrypted data to be sent to a third party. The third-party accesses the encrypted data via a paired private key. The public key is similar to a bank account number, which can be provided to anyone. The private key, which remains secret, acts as the password to the same bank account. A distributed system is a series of independent computers (nodes) that connect to a network and can communicate with each other.

 This system is similar to the internet which also has no central node and also downtime for one server does not effect for the other users

The blockchain network is a P2P distributed system. Information is shared among the different users. The blockchain is open-ended and operates in a decentralized, ongoing manner thanks to the activity of its users who can store information, and to consensus algorithms (notably "proof-of-work" and "proof-of-stake"3) which certify the information per block (unit). Users running these algorithms are known as miners.

 Whenever a block is been validated the block  is added to the blockchain and shared to network, these blocks are connected to each other in such a way that if each user wish to change one block the entire blockchain is also changed

 On the blockchain network, the security is guaranteed by the availability of computer power, this asymmetrical and distributed it architecture are the two pillars make it possible to create a most secure environment by establishing a new basis for trust and allows a new way of exchanging the data., new types of transactions and new forms of contracts

 Private vs public blockchain.

Historically the bitcoin is the first blockchain which is launched in the year 2009.  Whatever the computer regardless of the location can freely access this blockchain and also involves in the process of creating new blocks

New blockchain concepts have taken emerged as the bitcoin release. These new types of distributed ledger offer the advantages of blockchain technology and restrict access to the network and rights of the different users

 There are currently three categories of blockchain. Public blockchains: all participants are able to access the database, store a copy, and modify it by making available their computing power. Bitcoin, for example, is a public blockchain. Consortium blockchains: these are open to the public but not all data is available to all participants. User rights differ and blocks are validated based on predefined rules. Consortium blockchains are, therefore "partly decentralized". R3 consortium, which brings together 70 of the world's largest financial institutions to pilot the technology using a semi-private blockchain, is a good example of this. This blockchain also has lot many advantages in it field. Blockchain training is helpful to understand clearly how blockchain works and how this is emerging job opportunities

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