“Blockchain is a distributed, decentralized, public ledger.” Or Blockchain technology is very simply defined as “it is an open, Distributed Register which can be seen by everyone and everyone can add information (By following some rules) and it can be made secure by some mathematical laws or actions” it is the basic concept or idea of Blockchain.
If this technology is so complicated or complex, then why we call it “blockchain?” it is the most basic level that the blockchain is simply just a chain of blocks, but here we don’t mean the chain which we think traditionally. if we write or read separately “Block” and “Chain” then definitely we are talking about the modern or digital information technology (Block) stored some information in public and (Chain) which connected the people with this technology as well as each other. Human beings are using registers to keep there any type of records from several centuries but nowadays records are secured in a combination of bytes in a computer. Blockchain is a distributed ledger which secures the complete transaction history in a chronological form, and every one has its network access and transactions copy and if there is any changes are made so everyone update there registers. if any individual tries to make a fake transaction or try to do a fraud so other people directly informed about this fake transaction and no one accepts it.
We have some easy and daily based examples of our life to understand “Blockchain” clearly.
When we attend anyone Nikkah ceremony we see many people which are witnesses of the Nikkah that the couple is done with Nikkah. therefore anyone of them is doing Nikkah again so the witness will oppose them that they have already done Nikkah.
If we talk about the Hafiz e Quran ( A Node) every hafiz is a node and every hafiz has a Quran’s copy (public ledger) in their minds. so if anyone presents a fake verse instead of Quran’s real verse then the Hafiz e Quran (Nodes) will spot it easily by using their blockchain system and do not accept it. Similarly, Blockchain works like a witness and Nodes. let’s take another example :
Louis called his friend James and asked for a little help that he wants Ten Thousand urgently so Louis Opened his Online Banking account and transferred Ten Thousand to his friends account so here a transaction is made by Louis and his friend got the amount in his account just in minutes. so what process is done behind this simple transaction. There is no cash is given one by to another. Louis just opened his online account and request to transfer the amount then the computer system checked the balance of his Account. if he has no Balance of requested amount to transfer then the transaction could not be completed. so here Louis has the Balance of Ten Thousand in his account so Amount is Transferred easily to his friend’s account. it is also the example of Blockchain.
The main purpose and use of blockchain are if we do not trust each other for doing any transaction so we use blockchain as the third party because blockchain is Secure and trustable as well as it keeps the record safe and secure.
Blockchain consists of mainly Three Parts or concepts :
Blocks: Every Block Consists of Chain Of Blocks
Miners: New blocks are made by miners on the chain and this process is called mining.
Nodes: Nodes may be any type of electronic instrument which maintains the copied and keeps network functions.
Nowadays, we hear and see the discussion and News of the bitcoin that somewhere some people are implementing religious act and somewhere people discussing government changes and laws on bitcoin but unfortunately and sadly there is no one talk or think about the main and basic technology “Blockchain” where from the bitcoin and more cryptocurrencies like bitcoin are created or presented. so, if we focus on blockchain and be Expert and professional then it will be very helpful and great for our future and carrier.