Block Chain

 

What is blockchain Technology:

Blockchain is a process of recording transactions and tracking assets in a business network. An investment can be a car, house, land, etc...

Blockchain is one type of information that in Block chain each Block contains some information and if you add new information again new Block will be created and this new block and old block are linked together and show us the full report.

Blockchain is also called a Ledger of Transactions because it records the transaction's history 

About blockchain technology:

In our daily life, we get information about something from others and we also tell some information others about something. Blockchain is ideal for passing information because it provides immediate and completely transparent information 
A blockchain is a chain of blocks that contain information. The data that is stored inside a block depends on the type of blockchain. Nowadays blockchain is becoming more popular as sectors like government, healthcare, and the real estate industry discover the benefits. 
   
In a few words, a blockchain is a digital ever-growing list of data records. Such a list is comprised of many blocks of data, which are organized in chronological order and are linked and secured by cryptographic proofs.
The first prototype of a blockchain is dated back to the early 1990s when computer scientist Stuart Haber and physicist 
W. Scott Stornetta applied cryptographic techniques in a chain of blocks as a way to secure digital documents from data tampering. The work of Haber and Stornetta certainly inspired the work of Dave Bayer, Hal Finney, and many other computer scientists and cryptography enthusiasts - which eventually led to the creation of Bitcoin, as the first decentralized electronic cash system (or simply the first cryptocurrency). The Bitcoin whitepaper was published in 2008 under the pseudonym Satoshi Nakamoto. A blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without any need for a central clearing 
authority. Potential applications can include fund transfers, setting trades, voting, and many other issues.  A blockchain is a digitally distributed, decentralized, public ledger that exists across a network. Solidity is the most used and stable Blockchain programming language recommended by developers worldwide. The best programming languages for blockchain development include Rust, Go, C++, Solidity, and Motoko.

Who is a blockchain developer:

Satoshi Nakamoto created blockchain technology for the very first time in 2008 to serve as the public distributed ledger for Bitcoin cryptocurrency transactions, based on previous work by Stuart Haber, W. Scott Stornetta, and Dave Bayer. 

According to Elon Mask, one of the very finest entrepreneurs the CEOs of companies like Tesla, SpaceX, Neuralink, and more, said he believes that the person behind the Nakamoto pseudonym is cryptographic expert Nick Szabo. Blockchain has the potential to grow to be a bedrock of worldwide record-keeping systems but was launched just 10 years ago.

 It was created by the unknown persons behind the online cash currency bitcoin, under the pseudonym of Satoshi Nakamoto. Benjamin Reeves, Nicolas Cary, and Peter Smith are the founders of Blockchain. Satoshi told us that he designed Bitcoin to support complex transaction types, and simplified payment verification allows the validation of transactions without running nodes.

APPLICATIONS OF BLOCKCHAIN:

Blockchain technologies are used in many different ways including Money transfer, Smart contracts, the Internet of Things, personal identity security, healthcare, logistics, Non-fungible tokens, Government, etc. However, blockchain technology is much more than a system for securely transferring cryptocurrencies. outside of finance, it can be used in applications including healthcare, insurance, voting, welfare benefits, gambling, and artist royalties. 

One of the most popular blockchain applications is  Bitcoin.MedRec- to give any medical provider secure access to patient records, MedRec uses blockchain to save time, money, and duplication in procedures between a variety of facilities and providers. patients could also be granted access to their anonymous medical records to be used for research.

JOBS BASED ON BLOCKCHAIN TECHNOLOGY:

There is a variety of job opportunities in blockchain technologies and there are many benefits to a career in blockchain. The technology is still in its early stages of development, which means it is significant growth and advancement. Blockchain offers a unique opportunity to work with cutting-edge technology and solve complex problems. Blockchain developers enable secure digital transactions by creating systems to record and store blockchain data in a way that prevents changes or hacks.

They design secure blockchain technologies, develop application features and interfaces, and maintain client and server-side applications.

Blockchain is consistently one of the highest paying programming fields, where developers earn between $150,000 and$175,000 on average per year as salaried employees. Blockchain is in its embryonic stage and stage and has a lot of scope for evolution in the coming future; with the trend still undiscovered by many, one can find lesser competition in the field in terms of job opportunities.

IS BLOCKCHAIN TECHNOLOGY BETTER THAN OTHER TECHNOLOGIES:

However, times can vary; how quickly a blockchain-based system can process transactions depends on multiple factors, such as how large each block of data is and network traffic. Still, experts have concluded that blockchain typically beats other processes and technologies in terms of speed. Attractive alternatives to blockchain for distributed ledges include Hashgraph, lota Tangle, and R3Corda. Both Lota and Hashgraph use Directed Acyclic Graphs as an alternative data structure for maintaining the ledge. Blockchain helps in the verification and traceability of multistep transactions needing verification and traceability.

 Users are therefore reliant on the security infrastructure of the database administrator. Blockchain technology uses decentralized data storage for this issue, thereby building security into its very structure. It will create a trusted, unfilterable, uncensorable repository of data and information that is accessible worldwide. It is this characteristic that will drive the creation of the third generation of the internet. And that is why the blockchain is the future of the internet.

ADVANTAGES AND DISADVANTAGES OF BLOCKCHAIN TECHNOLOGY:

DISTRIBUTED

Since blockchain data is often stored in thousands of devices on a distributed network of nodes, the system and the data are highly resistant to technical failures and malicious attacks. Each network node can replicate and store a copy of the database and, because of this, there is no single point of failure: a single node going offline does not affect the availability or security of the network.

In contrast, many conventional databases rely on a single or a few servers and are more vulnerable to technical failures and cyber-attacks.

 Stability

Confirmed blocks are very unlikely to be reversed, meaning that once data has been registered into the blockchain, it is extremely difficult to remove or change it. This makes blockchain a great technology for storing financial records or any other data where an audit trail is required because every change is tracked and permanently recorded on a distributed and public ledger.

For example, a business could use blockchain technology to prevent fraudulent behavior from its employees. In this scenario, the blockchain could provide a secure and stable record of all financial transactions that take place within the company. This would make it much harder for an employee to hide suspicious transactions.

DISADVANTAGES:

DATA MODIFICATION

Another downside of blockchain systems is that once data has been added to the blockchain it is very difficult to modify it. While stability is one of the blockchain's advantages, it is not always good. changing blockchain data or code is usually very demanding and often requires a hard fork, where one chain is abandoned, and a new one is taken up.

PRIVATE KEYS

Blockchain uses public-key cryptography to give users ownership over these cryptocurrency units. Each blockchain address has corresponding private keys. while the address can be shared, the private key should be kept secret. Users need their private key to access their funds, meaning that they act as their own bank. If a user loses their private key, the money is effectively lost, and there is nothing they can do about it.

TYPES OF BLOCKCHAINS:

The basic application of the blockchain is to perform transactions in a secure network, That's why people use blockchain and ledger technology in different scenarios. 

There are 4 types of blockchains:

• public Blockchain

• Private Blockchain

•  Hybrid Blockchain

• Consortium Blockchain

1. Public Blockchain:

Public blockchains are permissionless in nature, allow anyone to join, and are completely decentralized. Public blockchains have equal rights to access the blockchain, create new blocks of data, and validate blocks of data. 

To date, public blockchains are primarily used for exchanging and mining cryptocurrency. You may have heard of popular public blockchains such as Bitcoin, Ethereum, and Litecoin.On these public blockchains, the nodes"mine" for cryptocurrency by creating blocks for the transactions requested on the network by solving cryptographic equations. In return for this hard work, the miner nodes earn a small amount of cryptocurrency. The miners essentially act as new-era bank tellers who formulate a transaction and receive (or "mine") a fee for their efforts.

2. Private Blockchains:

private blockchains, which may also be referred to as managed blockchains, are permissioned blockchains controlled by a single organization. In a private blockchain, the central authority determines who can be a node. The central authority also does not necessarily grant each node equal rights to perform functions. Private blockchains are only partially decentralized because public access to these blockchains is restricted. Some examples of private blockchains are the business-to-business virtual currency exchange network Ripple and Hyperledger, and the umbrella project of open-source blockchain applications.
Both private and public blockchains have drawbacks-public blockchains tend to have longer validation times for new data than private blockchains, and private blockchains are more vulnerable to fraud and bad actors. To address these drawbacks, consortium, and hybrid blockchains were developed.

3. Consortium Blockchains:

Consortium Blockchains are permissioned blockchains governed by a group of organizations, rather than one entity, as in the case of the private blockchain. Consortium blockchains, therefore, enjoy more decentralization than private blockchains, resulting in higher levels of security. However, setting up a consortium can be a fraught process as it requires cooperation between several organizations, which presents logistical challenges as well as potential antitrust risks. Further, some members of supply chains may not have the needed technology or the infrastructure to implement blockchain tools, and those that do may decide the upfront costs are too steep a price to pay to digital their data and connect to other members of the supply chain.

A popular set of consortium blockchain solutions for the financial services industry and beyond has been developed by the enterprise software firm R3.in the supply chain sector, CargoSmart has developed the Global Shipping Business Network Consortium, a not-for-profit blockchain consortium that aims to digitalize the shipping industry and allow maritime industry operators to work more collaboratively.

4. Hybrid blockchains

Hybrid blockchains are blockchains that are controlled by a single organization but with a level of oversight performed by the public blockchain, which is required to perform certain transaction validations. An example of a hybrid blockchain is IBM Food Trust, which was developed to improve efficiency throughout the whole food supply chain. we will discuss IBM Food Trust in more detail in an upcoming article in this series.

WHAT IS THE FASTEST BLOCKCHAIN?

Blockchain developers have always struggled with consistently achieving the trio of decentralization, security, and 

scalability. However, scalability is the most coveted because it holds the key to the mass adoption of the technology. That said, here 
are eleven blockchains with some of the highest TPS.
Solana(SOL)
Ripple (XRP)

The Solana(SOL)blockchain has been around since 2017, and is one of the fastest chains, with a transaction speed of 3,000 TPS (theoretically, up to 710,000). The highly scalable Solana blockchain achieves this impressive speed using a hybrid proof-of-history(POH)/proof-of-stake (POS)consensus mechanism.

Even more impressive, Solana's block finality time clocks in at 21 to 46 seconds. The finality time describes the time it takes a blockchain transaction to be confirmed as immutable (that is, it cannot be altered). Finality time is as vital as transaction throughput in determining the transaction speed and, therefore, the scalability of a network. As a result of its high throughput, Solana has low fees and even lower network congestion, making it an attractive protocol for launching DApps, games, and, more recently, NFTs (non-fungible tokens).

Ripple (XRP), a blockchain-based alternative to cross-border payment systems like SWIFT (Society for Worldwide Interbank Financial Telecommunication), boasts a transaction speed of 1,500 TPS, which can supposedly be scaled up to 50,000 TPS. Designed to rival the transaction speed of traditional cross-border payment systems, Ripple charges $0.0003 per transaction (as opposed to $15–$20 for a SWIFT transaction) and takes 3 to 5 seconds to finalize, adding to the network's overall efficiency. XRP relies on a network of trusted nodes that requires 80% consensus before a transaction can be processed and validated. This unique method has called into question its decentralization.

However, because of its high speed and low fees, Ripple has already been accepted globally by many banks to facilitate international money transfers and remittances.