The unknown Truth and Secrets Of Blockchain:

The Digital Era has taken a deeper dig into the World of Internet with every new digital invention
taking the highest of leaps. One such digital leap that is largely foreseen is the “BlockChain” that
came into existence since the evolution of Digital Currency - The Bitcoin.

Ohh, yes the Bitcoin; With some level of acute perception, strive a bit more and you’ll end up
landing at its complementing technology, i.e. Blockchain. To be frank, Blockchain isn’t
something that is as complicated as perceiving the foundations of the Internet - TCP/IP. But
then, it is as similar to a solid base that paves way for awesome online transactions of Digital
Money. And, this transaction in no way deviates from the basic rule of computations but then
executes the transfer of money in a more transparent and invincible manner.

Blockchain in real was two separate terms when Satoshi Nakamoto first stated its usage.
Satoshi, who is largely believed to have invented the Bitcoin has played a pivotal role in laying
some strong foundations for Blockchain as well. The stature that cryptocurrencies enjoy now
also holds its honours back then in 2008.

“Bitcoin is a remarkable cryptographic achievement and the ability to create something
that is not duplicable in the digital world has enormous value”
                                                                                           - Eric Schmidt
With regards to digital terminology;
Block refers to a Transaction & Chain arguably is a loop that holds to each transaction tracing
back to the root transaction. As the transactions get increased the loop gets bigger for every
new transaction a block is been added up. The Blockchain as a whole comprises a massive
Peer-to-peer network that is interconnected with the aid of Node structures. The nodes are
nothing but the virtual sender & receiver between whom the transaction takes place in real time.
The inception of Blockchain might have led to several confusing minds but then once on
unravelling the component structure, it is proven that this is going to be the Next Big Thing.

Blockchain thrives on certain key principles, which by far holds its roots and they being,
* Transaction Records
* Peer to Peer Connectivity
* Transparency in Transaction
* Irreversibility
* Programmable

In addition, the Blockchain concept has led to the evolution of Third Party Vendor eradication.
Yes, digital transactions now can enjoy a hassle free transaction without the intervention of any

Third-party vendors. Moreover, this kind of transaction saves a lot of time and money as well.
The transactions that took a day to process are now sorted out within a matter of few seconds.
Thanks to the widely distributed node network that keeps every transaction intact within the loop
& in a transparent scope.

The concepts of Distributed ledger & Decentralization have elevated the Blockchain to a whole
new stake. The Distributed ledger by far has almost overcome all the shortcomings that were
witnessed in the open ledger concepts. Now that with the existence of this, a copy of all the
transactions is present in every single node in the network. This opens up to a wide spectrum of
transparency and data distribution. Yes, every single node keeps track of all the data
transactions alongside holding on to its own miner (that node that competes for a transaction
validation) additions.

Addressing until the humongous transformation that the Blockchain has induced in the digital
era, now let’s take a dig into the security spectrum. There’s this big question that people pop up
every now and then when they hear of Blockchain,

Can Blockchain be Trusted, is it safe?

And this question almost goes a merry-go-round for its hidden complexities, which aren’t true in
real. Since the existence of a Centralized server isn’t a mandated need, it would be pretty much
tough for those internet poachers to hack the distributed network. Still, you can’t completely
wash away the possibility of data leaks as there are chances of intruders getting into the
system. But, then a failure or glitch in one node or a couple of nodes may not have a large
impact on the network. As each node has a copy of all the transactions that are executed until
then. All digital transactions are carried out by means of encrypted keys (public & private) and
this for a considerable extent protects your valuable data from being stolen. Hence there are
meager chances of a network failure or data loss.

Now that, you had got a clear sketch on “Blockchain” and its evolution, all that’s left behind is
the implementation of the next Big Thing.

​

©Ragul Prakash

​

​

​