What is Blockchain? Advantages & Disadvantages of Blockchain

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If you know about IT (Information Technology) then you probably know in the ware of Blockchain. If you do not know then believe me, this article is going to be very useful for you. What is Blockchain i.e. what is Blockchain, how does Blockchain Technology work, how and where did Blockchain start? Know all this in detail.

For the last few months, Digital Currency i.e. Cryptocurrency has been very much discussed. You must have also heard about it somewhere, otherwise, at least what is bitcoin, etc. So what is all this and why are we talking about Cryptocurrency here right now. Friends, the reason for this is simply that we understand anything better when we try to understand it with an example. What is Cryptocurrency or Bitcoin and why its price is increasing so fast, all these will also help us to understand Blockchain. So let us now know what is Blockchain i.e. what is blockchain?

A few years ago, as the internet had changed the way the world looked, Blockchain is also going to do something similar in the coming days. Although Blockchain is not a new concept, but still we have some problem somewhere in understanding it. But we will know in detail what is Blockchain from its inception to its future.

What is Blockchain in simple language

Blockchain is a method or system in which data / information is stored and kept, which cannot be hacked, changed or any kind of fraud.

Who Invented Blockchain Technology?

David Chaum, who was a cryptographer, gave his thesis for the first time in his dissertation in 1982 in Ware of Blockchain. But what is Blockchain, this question came on everyone’s tongue in the year 2008. Because this year Satoshi Nakamoto created Bitcoin on Blockchain technology. It became the world’s first digital currency, which is also called cryptocurrency.

The motive behind making this saree has the potential to change the world. By removing the banking system of the world’s banking system, the cryptocurrency saree made by the technology of Blockchain can make you, me, all of us the owner of our own money. We will not have to deposit our money with any bank or government.

Who is Satoshi Nakamoto, where is he coming from, whether he is a person, male or female, is it a ritual or something, no one knows anything. But in today’s date Bitcoin mining is happening and it is getting great respect in all Biswa. The basis of Bitcoin is called Satoshi.

How does Blockchain work?

This question must have come not only in you but in everyone’s me at some point or the other. By the way, how does Blockchain work? Let us understand through an example.

Suppose some children are playing cricket. He and another child who was not playing, he has been made umpire. Umpire is also remembering all the scores of the game. Now it is not necessary for the umpire to remember the sari things properly. He may forget, or the figures may be wrong etc. At the same time, if all the children themselves remember the scores, then if any one forgets, they will remember the rest. That is, everyone is remembering one information.

Here that umpire is the centralized system and the technique of remembering all the children together is the decentralized system. In Decentralized system, one information is saved/stored in thousands of millions of computers/servers. That is why they remain very secure.

Is Blockchain Technology Safe?

When we talk about Blockchain, we are talking about thousands, millions of computers/servers which are completely non-existent on the internet. And we all know that anything on the internet can be hacked. So does this mean that blockchain is not secure? No, it is not like that at all. In Blockchain technology, countless computers and servers are deployed from each other node. If the system is to be hacked, then one has to hack all the servers that are connected to that network, which is impossible in a way.

So we can assume in a way that Blockchain Technology is safe and secure. Although it can be said that in future also it will be as secure or not, yet for now Blockchain is the most secure networking system on the Internet. Due to this blockchain technology, many Crypto Exchanges have also been formed in India today such as CoinSwitchKuber, WazirX, etc.

What is Public Blockchain and Private Blockchain ?

Well blockchain can be of many types but here we will divide it into 2 big categories. Blockchain Mainly Public Blockchain and Private Blockchain. Let us know what they are and what are their similarities and differences.

Public Blockchain:

Blockchain which is common to all, no one has to take or give permission to anyone, which can be seen and read by anyone anytime and anywhere, it is called public blockchain.

Private Blockchain:

Blockchain which is made for the internal use of any one small or big organization, to which only a few people are allowed to access, is called private blockchain.

Blockchain Benefits – Advantages of Blockchain

I have already learned that what is blockchain, now let’s know some of its advantages and disadvantages.

  1. Transparency: Because it is open source, so nothing is hidden in it. things are easy to track
  2. Security: There are thousands of millions of computers/servers in a blockchain. That is why hacking any network is very much or almost impossible. That’s why it is very secure.
  3. Speed: Internet means the exchange of data and it depends on the speed of the Internet. Data transfer is very fast in blockchain technology.
  4. No Third-Party Involvement: In Blockchain, between the sender and the receiver, no one else’s signature is required. It is completely independent.
  5. Reduced Cost: They are much cheaper than all other existing technologies.

Disadvantages of Blockchain

  1. Energy Consumption: It consumes a lot of energy, due to which there is a possibility of spoiling the environment.
  2. Irreversibility: Once a transaction is completed, it cannot be reversed. That is, if you have sent money to a wrong person by mistake, then it is almost impossible for you to get that return.

Use of Blockchain in future

Blockchain technology has many advantages apart from a few disadvantages. There is no repetition in this that this is the future. But now probably many people do not accept it, perhaps because of not understanding it properly. But it will remove all the small and big Internet glitches and also everyone’s thinking. There will hardly be any industry in the future that does not use blockchain. That’s why, let us all What is blockchain? we know and understand very well so that we can keep pace with the times.


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