Hey lovely steemit users! Greetings! I hope all of you are going well in your daily activities. Today I come with an interesting topic that is BlockChain. I'll give brief details of blockchain and all related questions to this in this article. I hope at the end of this article you'll be able to answer someone about BlockChain. So let's get started.
What is BlockChain
Before we dive into the depth of BlockChain, first we have to answer the most asked question that is What actually is BlockChain? But before understanding it, let drop sight on Data placement on the internet. For example, you want to transfer a file of music to your friend, what you'll do? Of course, you'll use the available and easy source(like WhatsApp) till here it's fine, but now you want to send the most important file which contains your privacy to someone now what you'll do now?? Can you neglect the Hacking attack on your file? or can companies neglect this factor?? Of course not because privacy is a serious problem for anyone. So here Blockchain comes, Blockchain is a distributed immutable ledger that is completely transparent. In Blockchain every computer(node) is connected to each other, it's almost impossible to hack all the nodes because the information is placed on all nodes.
What is SHA256 Hashing Algorithm
SHA256 is a Hashing Algorithm that converts your data or information into hashes. After passing to this, all information is converted into hashes then it becomes nearly impossible to steal that information. This has 64 hexadecimal characters and each character is of 4 bits so in total it has 256 bits(64*4) and this is the reason it is known as 256 Algorithm.
How BlockChain Works
In Blockchain, we kept the information in the blocks and each block is connected to each other and makes a chain. Each block contains some properties that are Block Number, Data, Previous Block's Hashes, and its own Hashes too. If the Block is the first block of Chain then it's also known as Genesis Block. So in this way information is divided into different blocked(nodes).
Benefits of BlockChain
Blockchain has a lot of advantages and benefits but here I am going to discuss some of them.
1)One Way:
The big advantage of BlockChain is it is one way, once you keep the information then you too can't change it. Data will convert into encrypted form and that's it.
2)Deterministic:
Another benefit of Blockchain is it is deterministic that is it always gives you the same output every time (e.g if the code of ABC is 246 then in each node 246 would be equal to ABC)
3)Fast Computation:
Data computation is very fast in Blockchain which saves us a lot of time.
4)Withstand:
In blocks, our information is placed very safe and secure, hackers can't hack it
5)Avalanche Effect:
Last but not least, a minor change in data leads to a change in the whole information(e.g if we change the 246 to 247 in the above example then it will change the whole information, it then will not be ABC furthermore it will change to HGD, etc. ) that's why hackers can't hack it.
Applications of BlockChain
There are a lot of applications of Blockchain. It is used in product tracking, healthcare system, smart controls, international wire transfer, and much more.
So this was today's article which was about a brief intro of Blockchain and how it works and some of its applications. I hope all of you enjoy it and it made a huge impact on your knowledge regarding Blockchain. Now I'll catch you in another article till then smile.