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Blockchain Technology- The New Internet

Blockchain Technology
Blockchain Technology

This is nearly the end of 2017 and I am pretty sure that 2018 is going to be the year of blockchain technology. We have seen the internet growing for so many years but now the blockchain is said to be the new internet. In simple words "Blockchain is a chain of blocks". A block is a list of records. A block in a blockchain contains records of transactions or any contract between two parties called smart contract. Blockchain is also known as distributed or decentralized ledger. Therefore no one has the full control on blockchain. In a blockchain network everyone participating in the network (miner) has a copy of whole blockchian. And anything that is recorded in blockchain needs to be agreed by everyone in the network which is achieved by a special consensus mechanism, that's the beauty of block chain. That's why blockchain is so special, now people don't need to go through any mediator for any contract or transaction between them.

Use of Blockchain Technology- 

Blockchain is the technology of future. It is not only used for cryptocurrency but also for the smart contracts. Let's understand this with few examples.

Let's say Ram from India needs to send some money to Shyam in England. Traditionally Shyam would send money through a mediator like a bank, internet payment gateway or VISA/Mastercard to get this job done. And all those are mediators who charge a significant amount of fees for their services. But now using the blockchain technology, Ram can send any amount of money in the form of cryptocurrency to Shyam without any mediator. Off course there will be a mining fee for the transaction but it will be far less and secure than those mediators.

Let's take another example related to smart contracts. Imagine you want to sell your house to someone but don't want to use any mediator like court. You and the buyer can have a smart contract between you which will be stored in blockchain and everyone else in the blockchain agrees that you have sold your house to that person. How amazing is that, now you don't have to give any fee to lawyers and you don't have to keep the written proof or documents of agreement in your safe because now your contract is saved in the blockchain. You only have to keep your private key to prove that the contract belongs to you.

One more use case of smart contracts is fund raising through ICOs.
Smart Contract
Smart Contract

Security-

The main advantage of using blockchain technology is that you are in full control of your digital assets eg. Crytpocurrency, smart contracts etc. In case of cryptocurrency nobody can steel your money from you until you possess the private key of your wallet address. Digital assets are stored in blockchain using cryptography. That means every transaction is cryptographically converted or encrypted into random junk using cryptographic hashing algorithm which nobody can understand. This junk can only be encrypted using public key or private key. Thing to note here is that private key is the most important aspect of security and you should not give or tell your private key to anybody accept to whom you trust the most. Any anybody get to know your private key, he can steel your money from anywhere in the world. And if you lose your private key you or anybody in the world will not be able to recover your funds. So it's advisable to print and store your private keys in a paper and keep that safe. The public key is only used to see the transaction detail so you don't have to worry about that.



Cheers :)
Email: bfxcoin.info@gmail.com
Follow me on Twitter: @BFXCoinCrypto

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