Since its inception in 2009, blockchain technology has received significant interest from everyone, whether users, programmers, or investors. Indeed, during your browsing of many websites on the Internet, there is no doubt that you encountered many explanations or names regarding this technology, there are those who describe it as a technical revolution, and there are those who see it as a new generation of the Internet, or an innovative encryption system … etc.
Blockchain technology was invented ten years ago. There is no doubt that it was subjected to experiment and a series of attempts to break it or discover its weaknesses during this period. Still, it has proven its strength through its steadfastness all this period as an innovative and revolutionary new technology.
From a technical point of view, blockchain technology is complex technology. Still, on the other hand, it is easy to understand how it works and to realize its power and advantages. This article will simplify for you, dear reader, the essential information and answers to all your questions about blockchain technology.
The Internet is a global communication network in which people exchange different information through different mediums and means. The Internet has witnessed significant development over the years, but information security, privacy, and transparency remained among the most significant problems associated with using the Internet.
Information is transmitted over the Internet by copying, meaning that information is transmitted from inception and sent to its destination by copying it several times! Example:
When you write an email, you have a copy of the message in the email inbox. When you send it to your friend, your message does not leave the message box, but rather remains in the “Sent messages” section. In contrast, the email service provider, “for example, Gmail or Yahoo,” sends a copy to Your friend’s messaging service provider. Then the latter receives your message in his email inbox.
All your emails reside on this service provider’s servers, and you may be denied access to them if you lock your account for some reason or the servers are down. Then there is a central authority that controls you!
There are always multiple copies of any information, making it challenging to exchange valuable things over the Internet. In every exchange, anything will be copied numerous times, which loses its value.
That is why blockchain technology came to solve these two problems on the Internet by:
Make information available to you whenever and wherever you want.
It ensures that the information passes from one person to another without the possibility of the first person keeping the same story.
The strength of blockchain technology lies in the fact that it is the only technology to date that made the possibility of unique information being found in several separate places for the first time in history.
How does blockchain technology work?
The blockchain name is a compound word of two words, block, and chain, a blockchain, and it is a database consisting of a group of blocks linked together to form a chain. So what is mass? How is the chain included?
The block is simply a digital file in which the information is recorded, according to a set of rules and laws that have been defined in advance and can only be changed by the consent of all those involved in the system! As the size of each block, for example, a block of Bitcoin cannot exceed 1 MB, depending on the protocol.
The chain is a technology-based on a type of encryption by which the blocks are linked with each other, whereby each block is signed when closed by a code or “hash,” a code phrase for all the information recorded in the block, this code is the first piece of information that must be placed in the new block … and thus becomes the block The old one is an integral part of the new block. The same process continues when creating any block that enables the formation of a chain of blocks called the blockchain.
This process is automatic and instantaneous. And here, the information remains available for viewing and verification at any time or place and by anyone. There is no central authority in the blockchain system to prevent or falsify any information placed on this system. The only case for disabling a blockchain is to disable or destroy all computers participating in the network (estimated in the hundreds of thousands worldwide) at once!
What are the advantages of blockchain technology?
There is no doubt that this technology is very distinct, and it has changed our traditional view of the Internet and the transmission of information; it is a technology that was able to combine several other technologies at once, and the most powerful feature of blockchain technology is:
All information recorded on the blockchain can be viewed. This technology is designed to be open as a kind of network transparency through the ability to verify every piece of information placed on it at all times and places.
Blockchain technology succeeded when all the technologies that preceded it failed to ensure transparency, as everything that is on the network can be accessed and is already available to everyone. You can access, for example, all transactions recorded on the system. You can see the history of transactions since their inception, Or dealer balances, or in short, all kinds of information recorded on the blockchain you are interested in.
Despite the encryption process, which is one of the basics of blockchain technology, encryption is used in technology to prevent fraud and fraud and preserve privacy, and not to block or prevent access to information as is the case in traditional encryption systems.
You may have fallen into confusion or at least ask yourself the question, “How does the blockchain maintain privacy when everything registered with it can be viewed?” And you are right to ask such a question!
Don’t worry; it’s very simple.
Indeed, privacy is a controversial topic among those interested in blockchain technology or digital currencies in general because the privacy issue depends on the type of blockchain or how you use the blockchain!
Although blockchain technology is considered new, it relies on combining old technologies and innovations such as decentralization.
About the blockchain, decentralization is one of the essential pillars on which this technology depends, and thanks to it, the monolithic or centralized authority has been abolished. Therefore it is no longer necessary for the user to trust someone to use any service previously. Likewise, no one will be able to control any decentralized blockchain.
The impossibility of forgery
When you read many articles or watch videos about blockchain technology, you do not doubt that you hear or repeatedly read that it is impossible to falsify and alter information on the blockchain! No doubt also, you are wondering how this happened? And how can you make sure that there is no way for blockchain record fraud to occur?
The biggest dilemma facing companies, governments, or organizations is information security, and preserving sensitive information is a significant burden on them, so great wealth is spent on cybersecurity. Still, all programs focus on external security and neglect internal security. Instead, there is no way to prevent employees in companies or Governments who have the right to access information from changing it for some reason. All we have to do is put trust in these people. There is no way for us to ensure that there are no tampering with the data quickly, and even if this is discovered, internal investigations will be conducted. It is costly, or its results are not disclosed to preserve the reputation or confidence in these institutions, with all the losses and rights that this may cause.
Blockchain technology is the only technology that has made fraud impossible and created a way to prove it! It relies on logical and exact mathematical calculations that cannot be manipulated … based on cryptography, series, and decentralization.
The blockchain is based on encrypting information mainly, or what is called “hash,” which is an electronic signature or an electronic fingerprint. The data is taken and entered into a coding system whereby you obtain a code or code consisting of a series of numbers and letters. Every change in the entered information leads to a different code! There is no way for you to obtain the same code using other data.
Sign In Remember Me. viagra tablets Lost Password Please enter your username or email address.