BlockChain is growing list of records or blocks which are linked with encrypted hash of previous blocks. A blockchain is a timestamp series of transaction block attached to one by one in a cryptographic chain.
What is special about Blockchain?
There is no central authority or owner of BlockChain. BlockChain is a shared and open to all, but still it is transparent and secure.
There is no transaction cost of blockchain.
After initiate transaction by Person A by creating single block of transaction, it is verified by millions of computers distributed around the net. After verification this block is added to the chain and stored on the net. Record added on the net has unique record.
BlockChain Information are stored in continuous reconciled database and it is the biggest benefit to save from hacker.
BlockChain is Transparent
One of the misunderstood concept of BlockChain is transparent. Person’s identity is hiddent but he is known by his public address. So if Person A’s public identity is “CE4C23FF-66F5-4887-A167-3F880A7AC8DA” then in the transaction report you can see “CE4C23FF-66F5-4887-A167-3F880A7AC8DA” sent 1 bitcoin to “1081283E-788E-451A-86B3-80090B9A5952” with actual timeStamp. So transaction details is transparent but the real identity attached with person is not known.
BlockChain is Immutable
Once something is added in BlockChain it can not be modified or tampered. This is the biggest benefit of blockchain.
Bicoin is using SHA-256 (Secure Hashing Algorithm) which has fixed length of encrypted Hash values. For any length of word the output would be fixed 256 bit of length. SHA-256 is a one-way encryption technique where you can not decrypt the Hash value to plain text.
Hello World -> a591a6d40bf420404a011733cfb7b190d62c65bf0bcda32b57b277d9ad9f146e
Mukund -> 57071fdc8ad7d51bd3646cb264a3b1e5f8a0efa60f478c5130d7c1ed60d5cd30
Mukund Thakkar -> f773b57197a753e183facfefc40c9693f49391aea657e764cb801da320d6ccf4
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