Block chain technology is a decentralized data management technology.
Blockchain technology uses composer modeling language. System devoloping front end ( client ) applications using composer API.
It is a distributed ledger technology (DLT) makes the history of any digital asset. This technology records the provenance of a digital asset.
Blockchain technology is the brainchild of Satashi Nakamoto (Pseudonym of Inventer of cryptocurrency) , which enables digital information to be desrupted. A network of computing nodes makes up the blockchain.
Blockchain can be described as * Collection of records.*In which data stored in blocks each block linked with each other. *Strongly resistant to alteration.* Protected using encryption.
Blockchain and other crypto currencies and their wallets have been created by computer experts , without taking permission from any government or centre.
Durability, robustness, success rate, transparency, incorruptibility are some of the enticing characteristics of blockchain.
By design Blockchain is a decentralized technology which is used by a global network of the computer to manage Bitcoin transactions easily.
Many new business applications will result in the usage of Blockchain such as crowd funding, Smart Contracts, Supply chain auditing etc.
Bitcoin and Blockchain concepts have applications in business situations.Building compelling Blockchain applications is done by using the Etheum Blockchain.
Moving towards application point of view, one should devolope a string grasp of core Blockchain platforms, understand what Bitcoin is and how it works , learn key vocabulary and concepts commonly used when discussing Blockchain and understand why engineers are motivated and creating technologies using Ethereum.
Designing, testing and deploying secure smart Contracts are done usually by using latest versions of Ethereum development tools. Developing hyper ledger Blockchain applications are done by using composer frame work.
Leaverage composer rest server to design web based solutions.Blockchain Designing Hyperledger fabric composer business networks. Here we have to understand the true purpose and capabilities of Ethereum and solidity.
By inherent design , the data on a blockchain is unable to be modified , which makes it legitimate disruptor for industries like payments , cybersecurity and healthcare .
The technology is unalterable and transparent through the use of decentralization and cryptographic hashing.
Blockchain is more complicated than a Google Doc , but the analogy is apt because it illustrates these critical ideas of technology .
Bocks : Every chain consists of multiple blocks and each blocks has these basic elements.
1) The data in the block 2) A 32-Bit whole number called a nonce . The nonce is randomly generated when a block is created , which then generates a block header hash. 3) The hash Is a 256-bit number wedded to the nonce . It must start with a huge number of zeroes . (ie. Be extremely small )
Miners :Blockchain “mining” is a metaphor for the computational work that nodes in the network undertake in hopes of earning new tokens. In reality, miners are essentially getting paid for their work as auditors. They are doing the work of verifying the legitimacy of Bitcoin transactions.
Crypto is one of the main application field of blockchain.
Cryptocurrencies are a form of digital or virtual currency.Crypto currencies are immune to counterfeiting, don’t require a central authority.Protected by strong and complex encryption algorithms.Transaction details are permanently inscribed in the blocks.
Blockchain records for crypto also holds the number of bitcoins each of the account holder holds their own. A hacker will not be able to alter the data in the blockchain because * each user has a copy of the ledger.* The data within the blocks are encrypted by complex algorithms.All of this is made possible with the help of blockchain technology.
Every user in the bitcoin network has two keys.Public Keys : address that everyone in the network knows of.Private Keys : Unique address that only the user has knowledge of.
Different Cryptocurrencies use different HASHING Algorithms.
BITCOIN : SHA256
ETHEREUM : ETHASH
Blockchain technology has applications in Medical records, E-Notary, Collecting taxes.
As an example Walmart uses the technology of blockchain for supply chain management. In each step from farm to supermarket blocks are used the datas encrypted. (Farm>>Storage>>Transportation>>Processing>>Distribution Centre>>Supermarket ).
It is used here, because of easiness to determine in which block failure occured in blocksystem.