CONCEPT OF BLOCKCHAIN

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INTRODUCTION TO BLOCKCHAIN

It's used to create a common communication across industry and technology. It's a technology that enables us to move a digital coin or assets from one individual to another individual. Please note that digital money or currency is not a blockchain.

Blockchain is based upon the basic postulates of the data that entries are open publicly. Everyone can see and verify the transaction. Entries are shared and have existences in any node on the network.

Problems that blockchain endeavor to solve.
  1.  Money transfer
  2.  Processing time
  3.  Processing fees



Illustrating the blockchain concept with an example.
If person A wants to move or transfer money to B from India to England, then this can usually be done through the third trusted party by takes some processing fees and 3-4 days to move money from one person to another person.
So what blockchain here to do?
1)  Firstly, transfer money without a third trusted the party.
2)  Secondly, it transfers money immediately to its destination.
3)  Thirdly, to do cheaper than the third trusted party what collect as there’s is no processing fees for money transfer.
How blockchain deliver money transfer problems and entries implementations? illustration with an example.
we are going to link all transactions in the record. Finally, C moves 2 dollars to D and links it in the chain. And this chain of transactions is open to the public. This chain illustrates that everyone on these networks knows that where is the money, how much money gets in each one hand. Also, everyone can decide the transaction is valid or not valid. For example – If A now tries to move 15 dollars to C. Everyone holds a network that could see immediately that this is not a valid transaction because of A start with B by 5 dollars in open chain and A doesn’t have 15 dollars and this the transaction will not be part of a chain.

What is distributed open entries or connection?
Here blockchain going to take the authority of centralized one and distributed it across the network. Everyone can hold a copy of the ledger in the chain. And anyone else associates in-network can hold the chain of events. Conclusively entries are distributed so no need for the centralized place that retains the record. Here all the copies are to synchronized and all the participant of ledger see same copies of the record in a network.
How do miners work in the blockchain?
  • Miners are a special node that can hold the record of all entries.
  • Miners are going to compete among themselves to take the transaction and solve the confusion.
  • Approve the new transaction and able to put it into the record.
  • Miners edit on its report and look for another transaction to work on, to get the bonus for next time.
  • Miners published or relay the solution to the whole network.
  • To find the unique keys, these are takings the previous transaction and lock with the new transaction.
  • To find the key, these miners need extra computational energy because this search for a key is random.
  • A miner is repeatedly selecting new keys until the first keys that match this kind of random issue.



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