read time – 3 min.
Today Internet have grown huge… bigger than our imagination. We can find variety of information on this huge platform.
Internet is a network of network. If we find a useful information, funny videos, historic pictures etc. we immediately download it.
Here comes the blockchain.
It a sort of INTERNET only but working in a different way. Blockchain is a shared ledger between many computers (which are called nodes). A ledger is book in which all sorts of information is recorded. It can be used to store account information of every customer in a bank, personal details of every student, sales of a particular commodity etc. But this shared ledger is not accessible by everyone. For instance, two customers of the same / different bank are not allowed to look into each other details without prior permission. In blockchain same data is shared to everyone, so anyone can look into the details of any other customer. personally it is a hypothetical example, given by many blockchain users. I am calling it hypothetical because if the same stated above happened, then it is a proper breach of privacy, and seeing the current situation in the world against breach of privacy, it is very difficult to implement. Under blockchain, all data is automatically downloaded, without the interference of humans. Every computer (node) is given exactly the same information. There is no concept of a central/ main server in this new technology.
This is distributed ledger. (image taken from business insider.com). Also data is validated itself in a given period of time, it may be seconds, minutes or hours. Generally, it is taken to be 10 minutes.
History of blockchain –
Blockchain was originally developed to use bitcoin (a cryptocurrency) for all sorts of illegally activities.
Then programmers and computer scientist used this technology to hold coding competitions. Programmers compete to mine bitcoin. Today the stock price of one bitcoin is above 1500$. But 5-6 years back the price was very low compared with today. So basically it was a reward money given to programmers, who were successfully able to complete coding.
Tracking cryptocurrency (like bitcoin) was a difficult task. It is still, so that’s why, programmers used blockchain to be an able to escape from government’s hands. Using bitcoin and TORR browser, gave a complete privacy to programmers and hackers in dark web.
Present situation –
Every technology has a both pros and cons, it depends on us how we look. Blockchain have many advantages like-
- Not corruptible: – if someone change a particular data in main file, that is shared between nodes, for that I need huge computation power to change in every computer, otherwise it will show error.
- Completely decentralised: – information is stored in subsequent nodes, not on main server.
- Has no single point of failure: – under INTERNET, a hacker hacks a website and send ransomware. He sends ransomware to main server because all data & crucial information is stored in there, if he can gain access to that information, either he can force website owner to pay or he to release on Internet( to sell to rival companies). In blockchain since data is with everyone, hacker will not release ransomware on grounds of releasing data to the rivals.
First bitcoin was introduced , and now days we are seeing its bad side effects. Hacker send ransomwares like wannacry to hack companies crucial data like clients information, their investments & important softwares . For companies their first priority is to save client’s data. As a result they agree to give ransom to hackers via cryptocurrency like bitcoin. And since tracking bitcoin is difficult , hackers are not caught.