Happy new year 2022 to Everyone, Wish you having a brilliant year so far!!!
Welcome to Learn Tech Tips blog, Today we will talk about Blockchain Application.
First I wanna remind What is Blockchain? You can check back my part 1,
Basically, Blockchain is a data storage technology, Of course the Blockchain won't store data in the usual way. It helps to solve trust issues between 2 parties to transact in absolute safety and confidentiality.
The great advantages of blockchain technology that i can summarize are as follows:
- Blockchain is a data storage technology. Eliminating the role of third parties (intermediaries, such as banks, lawyers ....), very saving time, money.
- Ultra-high transparency and security: It allows everyone to know each other's transaction information, but of course, each individual's private data is still absolutely confidential.
- Unabled to be modified or destroyed: No person or organization can modify and destroy it, it will keep forever => this is a key factor for the whole world to trust into the blockchain.
- This is also the technology that created the Bitcoin currency. Many people still mistakenly believe that Blockchain and Bitcoin are one => That a wrong thinking. Bitcoin or many other cryptocurrencies are built on the Blockchain platform only.
Blockchain's basic unit of storage is a block of data. All our data will be packed into 1 block.
This block is then locked with an encryption algorithm. Once locked, this data cannot be changed anymore. It is an immutable certificate that lasts forever.
And the blocks that have been created will be linked together into a chain (like a chain) => and this is also the name of the Blockchain technology.
The development of Blockchain will go through 4 versions as shown below.
How does the Blockchain work
Blockchain lets you implement a business process when you need to trust data and participants without using a central database.
Related Posts:
Blockchain Part 1: What is Blockchain: https://learn-tech-tips.blogspot.com/2021/12/what-is-blockchain.html
Blockchain Part 2: Using PHP develop Blockchain Technology: https://learn-tech-tips.blogspot.com/2021/12/using-php-develop-blockchain-technology.html
Blockchain Part 3: Loophples of the current Blockchain:
https://learn-tech-tips.blogspot.com/2021/12/loophples-of-the-current-blockchain.html
Blockchain Part 4: Create virtual currency mining technology:
Blockchain Part 5: How to create own bitcoin virtual currency
Blockchain Part 6: Apply blockchain application in the life
https://learn-tech-tips.blogspot.com/2022/01/block-chain-application-in-the-life.html
Enjoy coding!
Learn Tech Tips - Zidane
