As the name implies, a blockchain is a chain made of blocks! So now we know what these blocks are but do we know what blockchain technology is?
Blocks function as a database! Databases are very familiar to computer workers! And, for those who might not know, the database is known as the Collection of Data. Nothing but data, whatever information you type on the computer is saved in electronic form in the computer! Similarly, all information on the Internet is data. This is a data database collection. This database is saved in the computer in a way that allows it to be easily searched.
The database is organized into groups in blocks, and each group is called a block. Each block has a limited amount of space or capacity for storing the database! And, once a block has been completely filled with data, it is automatically linked to the next block! This is how one block becomes connected to another! There’s even a chain! This is the blockchain or chain of blocks!
How does blockchain work?
For the case of Bitcoin, each block contains a cryptographic hash of the previous block, which is generated on every blockchain transition! A hash is a collection of numbers and letters. That is, Hash is a mathematical function that converts input data into a fixed-length output. As a result, regardless of the size of the input data, the Encrypted Unique Hash is always a fixed size! And it is also linked to the Hash created by the previous block’s transition!
Why is blockchain technology thought to be secure?
If someone attempts to edit the Blockchain Technology database, a new hash is generated! As a result, the setting of all following blocks has been changed, and it is easy to see where the setting has been changed! So no one will be able to tamper with the data on this blockchain! If you understand that you must make changes to the blockchain, you must demonstrate proof of work, which means that whatever changes you make must be made by all computers (Nodes) connected to the blockchain. The data must be sent, and only if the majority of the computers agree can it be changed!
What applications will blockchain technology have in the future?
In terms of preventing corruption
Yes, using blockchain technology can prevent corruption because whatever database is stored in the blockchain is copied on every node, so if anyone wants to change the data, everyone else will know about it!
When it comes to keeping government records
The use of blockchain technology in government offices has the potential to be extremely secure.
Anyone whose name is stored in the database in real estate transactions cannot easily change their name while buying and selling properties using Blockchain technology! As a result, any property disputes will cease.
Keeping patient records in the hospital
If all patient-related information is stored in the blockchain, it will be accurate and accessible to anyone.
So you understand what a blockchain entails.