Greeting everyone. Hope you all are doing good and learning something new on this amazing platform by the very talented and respected people like @liasteem. In this lecture, i will explain the blockchain technology and will answer all the questions. Hope my study will satisfy the professor @liasteem.

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What do you know about blockchain?

The blockchain technology and crypto currencies has become an important part of our life. These concept are making the world fast and secure. The blockchain technology is getting the popularity very rapidly. The world is being changing because of this marvelous technology. This technology is making every field of like more advance and reliable.

This technology was introduced by the Satoshi Nakamoto in 2008 and after that, this person disappeared from the frame. That was a time when the transaction process was very slow and costly. Whenever you want to send your fund to any person, you were need to contact to a third party. The third party took his fee and perform the transaction.

But Satoshi Nakamoto did a favor to the world by introducing the blockchain technology. The Blockchain is actually a technology which provide a platform to all the crypto assets to work. The first and the largest currency is the Bitcoin and it also was introduced the Satoshi Nakamoto.

The Blockchain is transparent. The records are safe in the ledger which are public and every one can read the data stored on the blockchain without any restriction. All the information is accessible by everyone on the network. This mean that no fraud transaction can perform over here.

This technology is immutable. Mean you can read the stored data but you cannot change it. It is only readable. Once the transaction is performed and get verified, it store on the blocks in the blockchain technology. No one is able to change the data after that, not even then the generator. This technology is decentralized. This mean that there is no owner of it. It is not owned by any person.

There is no one to set the rules and bound the users to follow those rules. The people are free to share their ideas, thought, opinion and feeling. They can even give their suggestions about how to run and manage the platform. They do not need to be scared of being blocked by the management as in case of centralized system.

The participants are known as nodes. When a transaction is performed on the blockchain, it get verified by the nodes which are known as miners. The minor who verify the transaction first, get reward.

The Blockchain technology is being used almost in every field of life. This technology is making the life easier and fast. Now we cannot imagine to making the progress and exploring new technologies without the blockchain.

Transactions:

The blockchain technology has made the transaction process so easy. There was a time when you were needed to go to banks to transfer even 2 dollars to any person. The banks has a closing and opening timing. They do not perform your transactions after their timing. So you are bound to wait for the banks to open and your turn to transfer your money to someone. But blockchain has make this process so easy and fast for you. You can transfer your funds easily by your own without third party. This process is very fast and less costly. You do not need to pay a heavy amount as transaction fee. The transactions are direct between user and producer.

Election System:

In every election, we get to heard that the election was not clear and the system was corrupted. Some time the losing party even demand for voting again which cost very high. But blockchain has solve this problem too. In some countries the blockchain technology is being used for election system and no one can claim that the elections are not clear. This has made the voting system less costly and more fast.

Hospital:

Let suppose your record has been stored in the hospital system. But when the system get damaged, all your data get lost. When you visit for the first, when you visited for the last time, how much session you have attended, how much left, all the record will be losted. But the blockchain has solved this problem too. The data is stored in a decentralized way. Every one can access the data from anywhere. Even if you visit some other branch of the hospital, you do not need to make an entry again. Your data will be founded a it is stored in decentralized system.

Question 2 - Describe one type of blockchain

There are basically the four types of the blockchain. These are;

• Public blockchains

• Private blockchains

• Consortium blockchains

• Hybrid blockchains

Each type has its own characteristics. But basic features are common in all the types of blockchain. All are transparent. All are decentralized. There is no involvement of third part. More over the data stored in the blockchain is immutable which mean that it cannot be change by any person at all.

The public blockchain, as its name represent is open blockchain which is accessible by all. This blockchain technology is in access of the public without any restriction. The proof of work algorithm is used here to make it sure that all the transactions are legal. This blockchain is more reliable as compare to the other blockchains. The participant nodes can read the data and have access to the records which are stored in the ledger on the public blockchain

The Public blockchain is decentralized. There is no need of any third party to involve to perform a transaction. The transaction is in between the customer and producer without involvement of the middle man. This make the blockchain more reliable as no third person have access to your assets. Only the authorized person can access his assets.

This blockchain is in access of all the participant nodes. The information is shown to all the nodes because this blockchain is transparent. Nothing public information keep hidden from the public. You can read the stored data but you cannot change it. Once the information get stored, it become immutable and unchangeable. Then even the person who have stored the data cannot change it.

The security is very high on this blockchain. No one can access your assets and your wallet. The people can read your wallet information but cannot withdraw any things.

Steemit

Steemit is an example of public blockchain. This is transparent as every thing is readable for every participant. Even the wallet is accessible but no one can perform any transaction from your wallet. The security is extremely high. Without password, even the legal person cannot access his wallet. The management even cannot access the user's wallet.

Reliable-

The public blockchain is more reliable. There is no security treats on this blockchain. The proof of work algorithm is used here to make it sure that all the transactions, performed on this blockchain are legal. No illegal activity is performed on this blockchain.

Fast-

This blockchain is very fast. If you want to transfer your assets to anyone, you can without involving the third party. There is no need to involve the middle man to perform a transaction

Less Costly-

On the public blockchain, the transaction fee is usually not so high. So do not need to pay heavy amount even if your funds are heavy.

Transparent-

This is the most attractive feature that every thing is transparent on the public blockchain. Every thing stored on the public blockchain is readable by all participants.

Unchangeable-

The data stored on the blockchain is not changeable. Once it get stored, no one can change it.

Security-

The only person who can access the wallet is the owner himself. No one without having password can access the wallet. Even the management team cannot access the user wallet.

Slow-

There are some public blockchains which cannot perform the transactions in fats way. The speed is not so high. The speed is the most important factor which attract the people's attention. The speed has become the need of time. The more you fast, the more successful you will be. But this factor lack sometime in public blockchain.

Hacking threats. -

Although it is hard to hack a public blockchain, but no system is perfect. If the hacker hacked the

public blockchain anyway, he can change all the information stored on the blockchain. In short, he have the control of the blockchain and he can alter it in any way he want.

Validation of Transaction-

The validation of transaction is not easy on the public blockchain. Here the participants needs to solve the complex riddles in order to verify a transaction. This process sometime become more hard. The person who solve the riddle first will get reward.

When i visited the Blockchain demo. there will be a manu bar on the top of the page.

When i click on the hash function on the manu bar, the following page open. This function is use to check that either a transaction is validate or not. We get information about the Date and Hash.

Whenever a transaction get verified, it get stored on a block which is created by the minor. These blocks are connected with each other and thus a blockchain if formed. All the blocks are connected and linked with each other. We get information about the Block, Date, Nonce,and hash.

If we talk about the distributed option, so when i click on it, the following information was appeared on the screen. We get information about the Block, Date, Nonce, Prev and hash.

In this option, we get the information about the block, Nonce, Tx, Prev and hash function.

We get information about the Block, Date, Nonce, Prev and hash Tx and Coinbase.

• The blockchain technology is transparent. This characteristic of this technology make it more attractive. This characteristic reduce the fraud activities. Everyone is able to see every transaction occur on the platform. SO no one can do any illegal activity over here

• Security level is very high on the blockchain technology. No once can access your wallet or account or personal information without the password and keys

• The registration process is so easy. There isn't any type of complication while registering yourself on the blockchain technology.

• The data which get stored once on the blockchain technology cannot be changed by any one. The stored data is immutable.

• The user have full control on his account

• No one even the authority can access the user's personal information

• The blockchain is the secure and the fast way to perform the transaction. You can perform the multiple transaction in a single second.

• The blockchain is less costly. You can transfer even a very big amount with low transaction fee.

• The blockchain technology is very scalable and efficient

• The data is not stored in centralized way in a single server. So it become hard for the hacker to hack thousand of PCs at once. That's why the blockchain is almost fear free from being hacked.

• The transparency, is no doubt a very attractive and fine feature, but sometime this transparency is not good. Every one can see your activities on the blockchain network.

• The mining process consumed very high amount of the power. The power consumption is very high while mining on the blockchain technology

• This technology is bit expensive. Not all can afford this technology

• No system is hundred percent secure and safe. There are still the security related issue in the blockchain technology.

• The verification of transaction is not an easy process. The minors work hard to solve the complex mathematical problems while verifying the transactions.

• There is no way to reverse the transactions. When you transfer the money to a wrong address, there is no way to get that money back. Once you perform a transaction, no one can change it.

• If you lost your password, you cannot recover it from anywhere. This is decentralized technology where no authority is there to help you to recover your account if you have lost
  

Conclusion

I have studied the blockchain technology in depth. This technology is taking the control of the whole world and making it more advanced. It has been revolutionized every field of life and effective the human life greatly. The world has become so fast and secure. You can perform the huge transaction at once within second at lose cost. There is no third party needed to perform the transactions. The transactions are direct between the producer and consumer.

Thanks to @liasteem

I invite the respected mahnoor11@, @suboohi and @msalmanjaved to participate in this beautiful initiative