‘Data is everywhere and everything in today’s day and age’
Advancement in technology has enabled us to keep our data online from our private credentials to backup of our gallery photos. You don’t need local storage and access.

But there is no cloud is there?

Just some server on the internet that contains our precious data, that can be used in devastating ways against us from knowing our personal info to having our every digital footprint recorded. Even if encryption is end-to-end, data can be modified or lost.

Introduction to Blockchain :

A blockchain is a decentralized and distributed digital ledger that records transactions across a network of computers. It consists of a chain of blocks, where each block contains a list of transactions. These blocks are linked using cryptographic hashes, creating a secure and transparent record of all transactions.

Decentralized and distributed ledger technology that enables secure, transparent, and tamper-resistant recording of transactions. Unlike traditional systems that rely on centralized authorities, a blockchain operates on a network of computers (nodes) that collectively maintain the ledger.

The ledger, which contains a chronological and immutable record of transactions, is distributed across all nodes in the network. Each participant has a copy of the entire ledger, ensuring transparency and preventing data manipulation.
Once data is put on blockchain it cannot be edited, only appended.

Network participants must reach a consensus on its validity to add a new block to the blockchain. Various consensus mechanisms, such as Proof of Work or Proof of Stake, ensure agreement on the state of the ledger.

Why use Blockchain and where it can be used

Blockchain has the potential to streamline financial processes by reducing the need for intermediaries, automating tasks through smart contracts, and improving the speed and efficiency of transactions.

By having transparent access to data and it’s history, blockchain can change many things in the world from being able to see usage of taxes to elimination of fake news,
Future of decentralization will be exciting and many organizations are already switching like Dapps, DeFi, NFTs, Smart contracts or even science.
Block chain can take away the power of media and the data that centralized authoritises collect.Even individuals will benefit as there won’t be any specific data that can be used against their individuality.

Youtube video was recommended to me last night (as they always know what i am doing) showing India is already adopting to blockchain as Andra Pradesh has decided to fully switch it’s two govt sectors to decentralized entities and has already been putting data on block chain to eliminate land record tampering.

Working of Blockchain

Blockchain started in 1991 as a way to store and secure digital data,
It works on a vast network of nodes and each node maintains a copy of the blockchain. Blockchain is made up of blocks that contain:

  • A collection of transactions
  • Timestamp
  • Cryptographic hash of the pervious block

Cryptography is the key component as hashing serves as base for the integrity of the network, You can refer to my blockchain project for deeper understanding.

Bitcoin (that’s what everyone thinks when they hear blockchain) was first famous implementation of block chain but with ethereum new world of possibilities was introduced as now we could embed Smart Contracts. Putting it simply,
You program the genesis block (1st block of blockchain) with a script that will only be executed when certain condition is met. I have uploaded a soldity contract, you can check that. If you plan on learning blockchain you will understand how important it is to create a perfect contract as it cannot be altered in the future

Recently, Ethereum shifted from Proof of Work to Proof of Stake. This significantly reduced energy usage, setting an example for future sustainability in the blockchain sector. As huge amount of power was needed for generating nonce in Proof of Work, not to mention powerful hardware needed and heat produced by it limiting significant mining to certain cold regions only. There is also DPoS and much more to Blockchains.

Hope you had a good read :)