What is a Blockchain? The necessity of Blockchain
Blockchain technology is a digital way of storing information that is open to all, and most secure. There is no need for any third party to use this method, no government of any country has any control over it, anyone from any country can use this technology to store any of their information and make transactions through peer-to-peer contact. Although the use of this blockchain method began many years ago, its use and popularity began in 2009 with the discovery of bitcoin (digital currency) by Satoshi Nakamoto of Japan.
What is a blockchain?
A blockchain is a digital database that is used to record the transactions of many computers so that a change of record is not possible without changing the block in some way and resulting in network disruption. It gives users the opportunity to verify and verify the information of transactions and their duration at a much cheaper rate.
Autonomous peer-to-peer networks and segmented scheduling systems are used to manage a blockchain database.
More important than Bitcoin is the technology blockchain. It can be used to mean currency, identity, real estate registration, music, patents, movie ownership.
At the same time, it is now playing a very important role in product transactions and payments. This is necessary to confirm the transaction.
Another Way:-
What is a blockchain?
We all know what a chain is - a chain is a chain arranged by connecting things one after the other. And the block is the storage for storing information in simple language. So the chain that is created by storing information in different blocks and connecting them one by one is blockchain.
Each block has three parts -
01. Data or information
02. Hash
03. The hash of the previous block.
If we understand data, then what is a hash?
A hash is a lot like a fingerprint or a password that is immutable. Normally we can change the password, but the hash of this blockchain can never be changed. Just as the fingerprints of two people cannot be one, so the hash of two blocks can never be one.
And the hash of the previous block means that this block is the hash of the previous block which is connected to the previous block i.e. it is in the blockchain.
Because these blocks are chained through hash functions, it is the most secure and almost impossible to break through its security and steal any data. Each block here is encrypted with a hash function, meaning that no one can see the information inside the block unless it is opened.
Although blockchain technology was first used in exchange for bitcoin i.e. digital currency, blockchain technology 2.0 has come up with many more new features aimed at making people's lives easier. This technology will play a huge role in the transactions of the world stock market, also smart contracts, smart ownership can be done very easily using blockchain technology.
The emergence of a problem means opening the door to a new possibility! In this way, with the creation of many problems in the world, powerful and easy solutions are being invented one by one.
Blockchain, in my opinion, is a technology that has opened and opened the door to new possibilities by solving many problems, big and small, in today's world.
Its use has been started in the developed countries of the world for a long time, but in our country, it is still too late to reach the knowledge of this technology among the common people due to lack of technology practice. However, our Finance Minister has announced to bring blockchain technology under e-governance in 2017. The National Digital Architecture (NDA) team under the Bangladesh Computer Council (BCC) Already LICT project is working on it and building its own blockchain infrastructure. The BCC has started using blockchain technology for the online recruitment of government employees.
Some of the key features of blockchain are as follows:
* Decentralized
* Distributed
* Immutability
* Transparency
* Security
* Traceability