For over many centuries human beings have been using records and ledgers to keep record and track of information and transactions. This innovative made things went well and worked good enough but it had some flaws attached. Loss of records were experienced and it can easily be tampered with requiring a lot of trustworthiness in the hand of the people handling It.
Then in the early 1990s, a new idea came up that would change how information was stored and shared. This idea was tagged as a "Distributed Ledger" by a group of researchers as a system that will allow multiple parties to transact, store, record and share information in a transparent way that is far from tamper. The records were maintained by network of computers that work together to ensure data integrity. The technology that made this idea a possibility is called Blockchain ...
Join me as we delve into the concept of Blockchain in the weekly contest tagged The Crypto QuiZ organized and published by @steemdoctor1
A Blockchain is a digital ledger of transactions and information that is decentralized i.e it is not controlled my a single personality or organization. It is maintained by a network of computers called Nodes that operate on softwares to authenticate transactions and add them to the digital ledger. This process is known as mining which is what allows the Blockchain to function without the need for a central authority.....
Once a transactions is completed and added to the Blockchain (digital ledger), it is very difficult to change of erase it. Each and every single block in the chain contains a cryptographic hash of the previous block therefore, making it almost impossible to tamper with
A centralized Blockchain can also be addressed as a Permissioned or Private Blockchain that are under the control of a single authority or group of authorities. They are not as public Blockchain like Bitcoin or Ethereum which are open to anyone to participate in.
Permissioned/ Private Blockchains still use the exact technology as the public ones such as the cryptographic hashes and the consensus blueprints... The only difference is that only certain nodes can participate in the activities of mining and validation/authentication. They also tend to be faster than public Blockchain since there are smaller amount of occupants/participants..
A decentralized Blockchain is just the opposite of a centralized Blockchain. It is not controlled by a single or central authority. Instead, it is managed and controlled by a network of computers that work together to record, validate and veriy transactions. This type of Blockchain is often associated with cryptocurrencies like Bitcoin or Ethereum as it allows transactions to be mwde without the permission from a Central authority...
Decentralized Blockchain has it importance as it is labeled the most secured and transparent database than centralized Blockchain. But it also has it own flaws or challenges such as the need for high stage of computing energy/power and energy usage....
Both centralized and decentralized Blockchain have their pros and cons (which maybe duscussed perhaps next time since it is not part of the contest questions)....
To sum it all up, blockchain is a technology that has the ability to change the way transactions are being recorded, shared and stored. It has the mind blowing potential to keep a more effecient, transparent and secured transactions. However it is still a developing new technology with some slight challenges that needs to looked into before it can reach it full purpose. But the fact is that Blockchain is w technology worth keeping an eye...
Thanks for reading ❤️
I invite @bossj23, @adunni @ngoenyi, @jozzie90 and @allison001 to participate....
Cc,
@steemdoctor1
I got something new to understand that the Blockchain is running on the nodes, and as mining. Not controlled by a single person. Very much true, and informative about how the Blockchain works.
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