Basics of Blockchain

We all have read and some may still remember peoples reaction and response when we were first introduced to internet. The negative reactions were on the lead, but now its the opposite. If the internet shuts down for a day then 80% of mnc's and even startups will suffer and there will be a huge strike in the market. From this we know that internet has become an important part in our daily life. The reason why i started with internet is, blockchain is receiving the same response as the internet. 

Demand for developers :-

Do you know that the demand for blockchain engineers has increased to 400% by the end of 2017 and 527 % by the end of 2018. Many multinational companies has seen the effeciency of blockchain and are looking for people who can help those companies to implement blockchain technology in their products.

Their are many students and experienced people who are trying to excel in blockchain and get a pay for that. But still we dont know why the demand is increasing every year. 

What is blockchain and why is the need for blockchain is so high ? We will see...

Blockchain

Many would have heard of the term "Hashing", this plays a main role in blockchain technology. Blockchian is nothing but storing data in blocks and these blocks are connected to eachother cryptographically. We would have come across the method of hashing - some hashing algorithms include Message Digest 5 (MD5), Secure Hash Algorithm (SHA).  As i said, each block is connected to the other through sha-256 hashing. 

Example :- Lets assume that we are storing the documents of our house in blockchain. A seperate block will be created for our house data and this data produces a hash. when we add somemore data the newly data will be stored in the next block (i.e) seperate block will be created for the next data and this block will also have a field specifying the hash of the previous block. So whenever a new block is created the new block also stores the hash value of the old block.

The area  where this is useful is , if someone tries to hack into a block where our data is stored, then the total hash value changes and the next block which has the hash value of the previous block will come to know that the previous hash value which it has already stored and the hash value which is present in the hacked block are not same and it automatically changes the hash value of the hacked block. So, this is same as rollback and the hacked/changed data will not be saved and the deleted/modified data will be restored again. Te user will also come to know that the block has been hacked. This is the reason why blockchain is difficult to hack and modifying the data in a blockchain without the knowledge of the user is difficult.

"This is just the basics of blockchain and there are a lot more process which will take place in the above step, we will discuss that once we go deep into blockchain"

This is just a small introduction about blockchain.Hope you would have come to know some basics about blockchain. There is a lot more to come about blockchain and will be explained in the next article.