Why Block chain is useful? | Hi Tech Blog

  What is Blockchain?

 A Blockchain is growing list of records called blocks,which are linked using cryptography. But before discussing further, we need to learn what is cryptography.
Blockchain

 What is Cryptography??

  Cryptography, is a word actually originated from ancient greek word krypt√∂s meaning hidden secrets. It's simple. Cryptography is the practice and study of techniques for secret communication in presence of third parties.

   You may also have studied and practiced cryptography because modern cryptography exists at the intersection of mathematics, computer science and electrical engineering,communication science and physics. Encoded language and it's decryption. You probably know about these things. Applications of cryptography includes making of digital currencies,computer passwords, chip based payment cards ,military communication,  and in other lots of fields...
Blockchain


  Now we have knowledge about cryptography and we can continue our discussion on Blockchain.

  Blockchain stores information across the network of personal computer, making them not just decentralized but distributed. This means no central company or person owns the system,yet everyone can use it and help run it. This is important because it's difficult for any one person to take down the network and destroy it. The people who run the system use their computer to hold bundles of records submitted by others known as blocks in chronological chain!


     Blockchain uses a form of math called cryptography as discussed above to store lots of records which can't be counterfeited or changed by anyone else.

  We all have probably heard the term 'BitCoin'. This was first the killer app of Blockchain,which is a form of digital cash that you can send to anyone, even complete stranger.
Blockchain

   People all over the world help move the digital money by validating others Blockchain transaction with their personal computer, earning small fee in process. BitCoin uses the Blockchain technology tracking records of ownership over digital cash,so only one person can be the owner at one time and cash can't be spent twice.

  But BitCoin is just beginning of Blockchain.

   In future,Blockchain that manage and verify online data can enable us to launch companies, that runs by algorithm, making self driving cars as we have discussed in our previous blog,help protect our online identity, even track billions of devices working on IOT. This innovations will totally change our lives in future and that is just the beginning....

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