Hello all, it’s been a long time since I had devoted time for my inclinations. So, finally had some free time to learn some more about blockchain. Anyways for the little brush up do read my blockchain introduction (click on the word) blog as it will give you an idea on what I am rambling about.
One more thing, I have also started watching videos on Ted Talks and strongly recommend that you do the same. It is refreshing to experience many viewpoints and see how our future will be shaped. Thanks to my new friend, I have started reading about Peter Thiel, Elon Musk, and many others. They are also commonly known as the Paypal mafia. Whichever companies these guys have invested in are now a billion-dollar industry. So, do give it a try as Ted Talks also feature these people and you can know more about them first-hand.
Now, we are back to base:
BLOCKCHAIN PART 2 where I will be discussing what sets blockchain apart from the technologies of now. I have listed out the features of blockchain as understood by me. So, bear with me and if you are finding little difficult to understand then do give me a comment.
Here are the features of Blockchain(Finally, yeah I can hear you!)
Data structure
It takes on a massive amount of data as it goes by adding blocks. They are virtual blocks that store data in a never-ending chain. It starts with a single block known as the genesis block. As information is stored, this chain grows.
They are interlinked with each other, and the flowchart can be traced till the genesis block. This chain of blocks leads to the coining of the term blockchain. Likewise, creating blocks of information is a method that has been in practice for many years. For example, we can undo the changes that we make in photos or any files. In short the CTRL+Z option we all favor so much when working in Ms-Word or Excel.
Secure
Security and privacy are the two things we never really like to compromise on. Blockchain offers that solution. It uses cryptography methods to secure your data. It assigns a string of characters that are either numbers or alphabets or both through cryptography techniques.
As there lies an interlink connection between all the blocks, even a small change will trigger a different character assignment. Therefore, even a minute change can be tracked by the user. So, tampering with data is a huge no.
Lock and key
Instead of handing control over our finances to banks, Blockchain helps us to be our own masters. It gives the user a public/private key that enables us to spend our bitcoins as we, please. Even for shopping our hearts out, we don’t need cards, wallets, or purses(Husbands rejoice).
Just by using those private keys, a person can transfer those coins in a heartbeat. Moreover, it also affords relative anonymity to its users where you can track the transactions of the user if you have their Bitcoin address, but the user will remain private.
Ledgers
Ledgers is an accounting term that denotes the balances of all the accounts. Likewise, blockchain creates a ledger that stores information that can be viewed by a private group of users or in general. Of this, there is no one central governing authority and is available in different locations that help with security features as well.
So far my reading has yielded this rambling and the next one will be about mining in blockchain( no promises, I have no idea when it will be or there might be some other topics in the middle as well)
Enjoy your life and live its fullest at every moment. After all, we own the world we live in, so why bother, just be a waterdrop on a leaf that never sticks, yet makes its presence known.
On that final note, Namaste, Au Revoir, Sayonara, and a simple Vanakkam to my readers out there where ever you are and whoever you are.