What is blockchain?blockchain developer roadmap
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What is blockchain?
Blockchain is basically the energy that powers bitcoins, facilitates transfers between bitcoins, and records all transactions. Let's try to understand the matter more simply.
Suppose a gentleman sends 5 thousand rupees to his father in a village through conventional banking services. So if we analyze this transaction system, the gentleman is the first party and his father is the second party, on the other hand, the banking system is the third party. So almost all kinds of activities including transactions are completed through this banking system. That means the bank provides all the facilities needed to transfer money to two people through its services. That is what we call the banking system.
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Blockchain = block + chain
In this system, each block is an account with each transaction managed in chain form. Each block ensures high security through hashing so that no one can interfere
How does blockchain work?
Blockchain is essentially a P2P peer-to-peer network where each block of data in the blockchain can be verified by anyone connected to the internet. All you need is an account.
Blockchain in simple terms is distributed open ledger. Let's say it in simpler terms. We find that various offices-courts have a large ledger in which various information is recorded. This ledger is called a ledger. Which cannot be seen by anyone except the office staff. Transactions made using blockchain are stored in a ledger on ChainSteam. which everyone can see.
I think I will deal with someone. Then when I send to that person's address my transaction will be taken in a block. The block is then encapsulated in a # hash for security purposes. And one block is connected to another. Each block contains the address of its previous block thus linking one block to another block.
On the other hand, all the transactions that happen at the same time are put into a block. For which thousands of computers work and all computers have a copy of that block. This is how strong networks or chains are created. And the documents stored for the future through the chain are called ledgers. From where we all see the transactions.
Advantages and Disadvantages of Blockchain:
Disadvantages of Blockchain :
Blockchain isn't the only convenience it offers. Blockchain also has some disadvantages. Among them, 2 significant disadvantages are:
1. Network speed
As we discussed above, it takes about 10 minutes. To validate and add a block to the chain. For other leading blockchains this latency is around 1 minute. Which is more than a relational database takes a few seconds to add data. This high latency can affect the correct data flow in case of high volume and thus it will not be suitable for ERP solutions.
2. Legal acceptance:
Since blockchain has not been legalized in several countries, it has not been able to fully spread. Nothing in the blockchain can be interfered with by any country's government. It is completely user protected. But the problem is that if there is any problem in your transaction, why don't you get legal help. This is a major disadvantage of blockchain.
Is Blockchain Hackable?
Blockchain is almost impossible to hack. Blockchain is built with very advanced security. However, if someone wants to hack the blockchain technology and make any mistake in its data, it is impossible to do so. Because to do that, he has to hack thousands of computers at the same time.
Because as I said earlier, as soon as each transaction is created, its information reaches thousands of computers. And it takes about 10 minutes to create a block with more transactions. And so to change the entire data of a block; The hacker will have less than 10 minutes. And hacking thousands of computers during this period is imaginary.
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