Avery Cheerva's blockchain explain
What is a blockchain?
What is a blockchain?
Blockchain
Blockchain is
First, let's look at blocks.
As shown in the figure above
Then one block will contain the contents of the previous block
As blocks continue to be created
Since each person has one account
Transactions that do not exceed the majority
For example
Blockchain, Learn More
However
blockchain is a technology that has emerged to create a reliable verification method without a central administrator.
So in blockchain, there’s no central manager like a bank. Instead, 100 people who participated in the network record and validate the transaction by majority vote. This characteristic of blockchain is called “decentralization”.
Characteristics of Blockchain: Transparency
Everyone who participates in the blockchain network can see what transactions have taken place on the network.
And you can also see
all the transactions that have happened before. If the block that I have now looks the same as the block that someone else has, that means that all the information recorded on my block is the same as that of someone else.
Characteristics of Blockchain: Security
If someone puts a false transaction on the books now, or manipulates them arbitrarily, the contents of the books I have and the books that others are holding are different. The manipulated books then lose their effect. To manipulate transactions in blockchain, more than half of the participants must be manipulated, which requires too much computing power, which is not possible with current computer technology.
Blockchain inefficiency is a disadvantage
Blockchain has more computations to handle as data accumulates and as network participants increase. Blockchain becomes safer because more data and more network participants make it difficult to hack, but on the contrary, efficiency decreases. Several attempts are being made in the blockchain industry to develop algorithms to ensure that efficiency is not offset even as the network grows.
Related Cases
Bitcoin Mining and Blockchain
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