Blockchain Technology: Wipe-Out The Misbelief

Whenever there is a conversation about blockchain, people behave like it’s a nigh-on impossible. But the reality is just the opposite since understanding blockchain is as easy as understanding the two words that make blockchain i.e. ‘block’ and ‘chain’. The block resembles records of any form of data and the chain associates the linkage between these blocks. Having said that, it’s not the easiest thing on the planet and can be grueling at times.

The technology is used for various business purposes to keep an unaltered record of its activities, mostly known for secure banking purposes. The decentralized form of blockchain is unchangeable because the blocks consist of the cryptographic hash value of the preceding block along with the time frame record. So, in order to make changes to any record in the blockchain, one should change every single hash and timestamp from every block present in the system. In simple words, the task is impossible for any human being as it takes tremendous time and is tedious as well. So, the demand for blockchain is high as companies would want immutable data for their businesses.

Blockchain differs from traditional databases in terms of structure and storage protocols. However, grasping the idea of this technology becomes much easier for beginners when it is compared to the normal database. This database is shared along a peer-to-peer network which enables every single node to access the same information. Furthermore, the change in one or a few nodes is not sufficient for altering the blockchain data. Hence, programs called scripts manage the distributivity and management of blockchain.

On the other hand, a strong encryption algorithm is applied to each block of data and the hash value of the previous block is placed on each next block to create an unbreakable chain as mentioned above. That is also the main reason that digital currencies like Bitcoin run on blockchain technology. Well, Satoshi Nakamoto, an anonymous founder of Bitcoin generated this platform in 2009 with the major highlight of eradicating third parties for monetary transactions.

Blockchain can be used for several important purposes such as

Collecting votes in national elections,
Banking transactions,
Medical data for keeping unaltered health records of patients,
Non-fungible tokens(NFTs),
Fundraising sectors,
Artificial intelligence, etc.

The conversations and discussions on blockchain and digital currencies should be widened in the least developed countries like Nepal as it could open up roads for employment and financial growth.

Looking at affluent companies that use blockchain might be convincing for readers who are still in doubt:

IBM
WallMart
Oracle
Microsoft
ConsenSys
Amazon
Bank Of America
Google and so on.

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कोरोनाको पर्खाल

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