Block Chain Explained with Bitcoin Example Easily

 The existence of Block Chain came during the year 1990’s but its actual implementation began in the Year 2009 by the person named Satoshi Nakamoto whose all other Identities were Anonymous on the Internet who was a Developer and made BITCOIN with the help of The Block Chain.

During this time of 2021, there is no sign for the Complete removal of Corruption, there are so many black money transactions or the other type of transactions of money which are done illegally through Internet or without it and there is no record for these type of transactions and We really don’t trust over it because the Admin could easily it and it is centralized.

If We try to bring a Decentralized System in which everybody’s data could be shared and hence it would become difficult to change the whole System because it is in command of many People and that Decentralized system would become 100 % trusty and reliable and it could be done easily be The Block Chain.

 

*Introduction to Block chain*

There are so many Systematic Records for a General Store or Shop for different things and many kinds of money payments are stored in that book and any Person could easily  know about the transactions or total number of items in that Shop. In the same way, in Block Chain the Block is that Book and so many chains of that Block forms The Block Chain.

1 Block has Two type of data stored in it, some kind of relevant Information could be stored in a block like in a Bitcoin its transactions are stored. There is also Hash in the Block which could simple be explained like a Unique Code as like Our Finger Print and could Protect Our any data stored in that Block.

 

The Hash stored is in to the first block which is also known as Genesis Block and new Hash could be stored in the Upcoming block and if We again take example of Bitcoin then We can Track the whole history of Transactions of the Bitcoin just by looking over its Genesis Block.

 Hence, the whole block chain could store Our unique code and Our all type of Information could be safe and it would be unseen by others.

 

*Layers of Security*

There are so many layers of security added upon the Block Chain to make it secure but if We are able to change Data of any Block so as a result, the Hash of the Block would get changed and that would also affect to all other blocks, as a result they all would give the Invalid result in the whole Block Chain.

But, if anyone would think to change to change the Hash in all Blocks, then it would take too much time.

For example, for changing the Hash in any one Block of the Bitcoin then it would take around 10 Minutes but if We try to change at least 10 MILLION Blocks in the whole BLOCK CHAIN in the BITCOIN, then it would take around 200 years totally for changing the whole Block.

This layer of Security makes the whole Block Chain very much Secure because it is impossible for anyone to change the whole Hash in the Block Chain continuously for 200 Years.

 

*Proof of Work*

Proof of work is simple the proof that anyone had spent the Specific time like those 10 minutes spent (in that example) for making a change in the Block Chain. Other added layer of Security is that, all people in a GROUP of a specific network has the copy of that whole Block Chain or the Whole command of the Block Chain is divided between that Group of People.

So simply, just any single being could not change the Whole Block Chain with only one Copy of the Block. That Person should share his decision of making a change in the BLOCK CHAIN with all other People in that group and if majority of People support his Decision of change by giving him Vote then he can do so, if the majority doesn’t vote up for that Person then he cannot make a change in the BLOCK CHAIN.

In this way of security, anyone has to spend too much time for making a change in a BLOCK and before that, he has to Own the Network by getting the majority of the votes and then take Action over his Decision.

*Booming in Block Chain*

The Block Chain is Booming in so many Domains, but majority of it is BOOMING the World of CRYPTO CURRENCY.

For example, the famous Crypto Currency BITCOIN had got so much popularity and increased its value So Much by Eliminating all the other Banks coming between a transaction between two People or Organization which would act like the middle men, but the Crypto Currency like Bitcoin eliminated those Banks.

Previously, for sending Money from one Country to another We Had to submit that Amount to the Bank and then they would convert it into other one like the Dollars and cut a few amount as a commission charge and then the Bank would deposit it in the Bank of other Country.

Now, due to the Crypto Currency we can send any amount of Money without too much extra Expenditure as the Commission charge took by any Bank. The Gold is also transferred with ease like the Bitcoin also and due to the Crypto, there would be No Conversion of Currency.

 

*Uses of the Block Chain*

1) The Notary work could be easily done with the help of The Block Chain, all the Buying and Selling records of any general store or Big Store could be Safe with the help of Block Chain and all the History of transactions could be accessed by any Authorized User; this thing could also be applied or used for any Real Estate Property.

2) Block Chain could also be used for The Hospital Management System, the records of the Patients could be stored like their Body Condition or anything related to their Identity and The Doctor or any staff Person of The Hospital could access the data of the Patient for any Purpose. The data of that Person is also Secured.

3) Block Chain could also be used for many Projects, Startups, Buissiness, etc. Anyone could easily implement it by any special computer language from Scratch.

4) We could use Block Chain for other purposes too, like for making the smart contracts. For the smart contract We would get a Unique Code which would show Us the Patch of the Data and whole Data could be accessed and transferred through that Code.

 

*How to Make The Block Chain*

If anyone is interested for making The Block Chain, then he/she could learn Solidify Language, making of Block Chain is Very Much simple for anyone Who had Learnt the Computer Programming even in the Very basic way.

 

*Conclusion*

The Block Chain would definitely cause big Revolution, it would make Our life easier and even more simpler. To summarize completely, Block Chain is the system of recording Information of way that, it becomes very much difficult to Hack it.

 

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