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「ColorOS Know How」Know more about Blockchain

 View:20588    Reply:54 | Posted at 19-6-2019 18:31:28 | Display all floors |   Copy
Hey ColorOS Super Fans,

Recently I studied little about one of the latest technology, I was so cusrious to know what it is. So I thought to share my understanding with you as well, I hope you will like it.

I am sharing technical stuff related to Blockchain. so, lets get started.

If you have been following banking,investing and cryptocurrency over last decade, then you may be familiar with the word Blockchain,its a record keeping technology behind bitcoin. And I feel it makes so much sense. If you search for blockchain you may be encountered with a definition like this: Block chain is a distributed, decentralised and publicledger.


decentralised final.jpg   

But, actually blockchain is easier to understand than its defination sounds.

What is Blockchain?

blockchain.png

At its most basic level, blockchain is literally just a chain of blocks, but not in the traditional sense of those words. When we say the words block and chain in this context, we are actually talking about digital information (the block) stored in a public database (the chain).

Blocks on the blockchain are made up of digital pieces of information. Specifically, they have three parts:

1) Blocks store information about transactions like the date, time, and dollar amount of your most recent purchase from online shopping.

2) Blocks store information about who is participating in transactions. A block for your splurge purchase from online shopping would record your name along with id Instead of using your actual name, your purchase is recorded without any identifying information using a unique digital signature, sort of like a username.

3) Blocks store information that distinguishes  them from other blocks. Much like you and I have names to distinguish us from one another, each block stores a unique code called a hash that allows us to tell it apart from every other block. Lets say you made your splurge purchase on online shopping, but while its in transit, you decide you just cant resist and need a second one. Even though the details of  your new transaction would look nearly identical to your earlier purchase, we can still tell the blocks apart because of their unique codes.

While the block in the example above is being used to store a single purchase from Amazon, the reality is a little different. A single block on the blockchain can actually store up to 1 MB of data. Depending on the size of the transactions, that means a single block can house a few thousand transactions under one roof.

How Blockchain works?

working.png
When a block stores new data it is added to the blockchain. Blockchain, as its name suggests, consists of multiple blocks strings together. In order for a block to be added to the blockchain, however, four things must happen:

1) A transaction must occur. Lets continue with the example of Amazon purchase. After hastily clicking through multiple checkout    prompt, you go against your better judgment and make a purchase.

2) That transaction must be verified. After making that  purchase, your transaction must be verified. With other public records of    information, like the Securities Exchange Commission, Wikipedia, or your local library, theres someone in charge of vetting new data entries. With blockchain, however, that job is left up to a network of computers. These networks often consist of thousands (or in the case of Bitcoin, about 5 million) computers spread across the globe. When you make your purchase from Amazon, that network of computers rushes to check that your transaction happened in the way you said it did. That is, they confirm the details of the purchase, including the transactions time,dollar amount, and participants. (More on how this happens in a second.)

3) That transaction must be stored in a block. After your transaction has been verified as accurate, it gets the green light. The transactions dollar amount, your digital signature, and Amazons digital signature are all stored in a block.There, the transaction will likely join hundreds, or thousands, of others like it.

4)That block must be given a hash. once all of a blocks transactions have been verified, it must be given a unique, identifying code called a hash. The block is also given the hash of the most recent block added to the blockchain. Once hashed, the block can be added to the blockchain.

When that new block is added to the blockchain,it becomes publicly available for anyone to view even you.If you take a look at Bitcoins blockchain, you will see that you have access to transaction data, along with information about when (Time), where (Height), and by who (Relayed By) the block was addedto the blockchain.

Is Blockchain Secure?

security final.jpg   

What about security? Will this be secure?

Nowadays digital world is prone to be unsecure by many hackers around, who steals data and sells them and makes money out of it. So security plays a major role. I will discuss how well the blockchain technique will defend its data.

Blockchain technology accounts for the issues of security and trust in several ways. First, new blocks are always stored linearly and chronologically. That is, they are always added to the end of the blockchain. If you take a look at Bitcoins blockchain, you will see that each block has a position on the chain, called a height.

After a block has been added to the end of the blockchain, it is very difficult to go back and alter the contents of the block. Thats because each block containsits own hash, along with the hash of the block before it. Hash codes are created by a math function that turns digital information into a string of numbers and letters. If that information is edited in any way, the hash codechanges as well.

Heres why thats important to security. Lets say a hacker attempts to edit your transaction from Amazon so that you actually have to pay for your purchase twice. As soon as they edit the dollar amount of your transaction, the blockshash will change. The next block in the chain will still contain the old hash,and the hacker would need to update that block in order to cover their tracks. However, doing so would change that blocks hash. And the next, and so on.

blockchain  security.png
In order to change a single block, then, a hacker would need to change every singleblock after it on the blockchain. Recalculating all those hashes would take anenormous and improbable amount of computing power. In other words, once a block is added to the blockchain it becomes very difficult to edit and impossible todelete.

What you guys think??
Is blockchain secure?? Comment below.

That's all for now. see you in my next article. thank's for sparing your valuable time with ColorOS.
For any suggestions or feedback comment below.
do follow @Hrithikpawan for more technicalstuff.









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