What is Blockchain Technology

What is Blockchain Technology

January 11, 2018 0 By MoonMerchant

‘Introduction’,

Mordan technology allows people to communicate directly voice and video calls, emails, pictures and instant messaging travel directly from A to B maintaining trust between individual no matter how far apart they are. When it comes to money, people have to trust a third part to be able to complete a transaction. Blockchain technology is challenging the stats quo in a radical way.

‘Method of blockchain’,
By using method and cryptography Blockchain provide open decentralised database of every transaction involving value, money, goods, property, work or even votes creating a record whose authenticity can be verified by the entire community. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Blockchain is the world’s leading software platform for digital assets. Offering the largest production block chain platform in the world. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data.The first work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta.

‘Working system and technology’,
The future global economy will move towards one of distributed property and trust where any one can access to the Internet can get involve in Blockchain based transaction and third pirty trust organisations may no longer be necessary. The uses of Blockchain technology are endless. Some expect that in less than 10 years it will be used to collect taxes. It will makes it easier for immigrants to send money back to country where access to financial institutions in limited, financial fraud will be significantly reduced as every transaction will be recorded on a public and distributed ledger. Many people can write entries into a record of information, and a community of users can control the record of information is amended and updated With the help of blockchain technology, . Like, Wikipedia entries are not the product of a single publisher. No one person controls the information.
Blockchains are very secure by its design and it is an example of a distributed computing system with it high Byzantine fault tolerance and Decentralized consensus has therefore been achieved with a blockchain.It represents an innovation in information registration and distribution that eliminates the need for a trusted party to facilitate digital relationships.Blockchain technology offers a way for untrusted parties to reach agreement on a common digital history. The digital assets and transactions are in theory easily faked or duplicated so the a common digital history is important , Wthout using a trusted intermediary the Blockchain technology solves this problem .

A blockchain database is managed autonomously using a peer-to-peer network and a distributed timestamping server.This distributed network must also be committed to the transaction network’s recordkeeping and security and Authorizing transactions is a result of the entire network applying the rules upon which it was designed ,the blockchain’s protocol. If we were to look over the past fifteen years at how technology has developed ,the blockchain runs counter to the logic behind cloud computing (Cloud computing trends toward a single database that multiple nodes can access). These nodes don’t have to hold their own private copy of this database in the system.