Concept of blockchain technology||6-8-2022

Greetings to everybody in this community today I'll be deliberating on the block chain technology but before I begin I would like to talk a little more on the history of blockchain technology

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History of block chain technology

Satoshi Nakamoto was the first person to introduce the conceptualization of blockchains in 2008. The improvement and involvement of blockchains progress as Nakamoto used a harsh- cash like method. And this came to be a main component of Bitcoin and other types of cryptocurrency. In 2014 bitcoin file sizes do quickly to 20 gb but on March 2020 it was more than 200 GB

Definition of blockchain

Blockchain is a new word to some of us in this community. Blockchain can include cryptocurrencies like bitcoin etc.

Most times you wonder what is actually the meaning of blockchain technology, how it works and how it is becoming necessary and important in the digital sector today. This post will give you the mental perception to the answer of those questions as mentioned above.

What is blockchain technology

The team blockchain is the recording of important informations which create the impossibility for the system to be compromised, manipulated or changed.

A blockchain technology is a structure that preserve documents (transactional records) which can also be termed as the block, of the populace into several databases which is termed as "the chain".

This kind of storage is typically termed as a "digital ledger". This digital ledger is some sort of a Google spreadsheet shared among several systems in a network. When the documents (transactionary records) are stored. What makes its peculiar is that it can be seen but corrupting or hacking it is impossible.

Blockchain, why unique?
For instance you choose to transfer money or liquidity to your family ,relatives etc from your own account you will now use online banking and transfer or send the money to the other person.

Now after the transactions have taken place your bank now update the transactional records. But this is a risky action that most of us neglect. Such transaction and easy vulnerable and can be compromised quickly.

But the vulnerability tends to reduce when the blockchain technology was introduced. The record of the transaction can take time but blockchain tends to reduce the long process what and provide quick transaction which saves time and money.

Types of blockchain technology

• Private blockchain technology
  From the name you could say it is being operated with closed networks. It is being managed by private firms or companies.

They can use this type of blockchain to customize your access ability to store records, creating fences to the network and other necessary actions taken to ensure security on the store records
NOTE only one authority can manage a private blockchain network.

• Public blockchain technology
  Cryptocurrency such as bitcoin etc are created out of this kind of block chain. It plays a role in eliminating certain problems and issues such as errors in security and centralization.

With this type of block chain document can be circulated across individual networks rather than being stored in just one location

• Permission blockchain
  From the name pollution its means granting access to do something. So information block chain special access to store records are only given to authorised persons.

That is why companies set up this types of blockchains to enable who can take part in the network and specifically know which kind of transactions they are operating on.

Advantages and disadvantages of blockchain technology

• Advantage
  The major and unique advantage of blockchain is the security it provides. Is secured important and vital data from transaction made online. It is fast save time and money. No need of interference of third-party in transactions from government organisations.

• Disadvantages
  The use of private key can be a challenge because a user or operator loses his or her kids they tend to face several problems. ADP of stored records like changing or adding information can be difficult.

How to invest in Bitcoin technology

Bitcoin is mostly the unique thing that comes to mind when it concerns investment in blockchain technology. But apart from bitcoin investment in Penny stocks is also included such as Litecoin,altcoin etc. You can buy coins and be optimistic expecting that prices will move as its popularity grows.

Conclusion

Blockchain technology is a fast-rising technology which the carrier potential is really expanding tremendously. It has helped many organisations firms and companies. Engaging in blockchain technology is fast reliable and secure.

Cc,
@msharif
@ashkhan
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@bossj23