Blockchain is not just a fancy term that is buzzing all around the tech space. It has a multitude of unparalleled qualities that have made this technology worthy of all the attention that it is gathering from almost every industry that is relevant today. Blockchain is mostly sold by portraying how secure it is to store information. But does this thought ever cross your mind that how secure and reliable the Blockchain technology is? If yes, have a look at this article and get an answer to the question that is creating curiosity in you.
It is believed that nothing can be actually entirely secure, but if you examine blockchain, this belief will be a bit shaken. Blockchain, the tech marvel of this era, has been fabricated to be tamper-proof, immutable as well as democratic and the top 3 traits which make it the technology it is today are:
So, it is typically the combination of these particular characteristics which make the Blockchain technology the safest mode of making transactions and discouraging any corruption. As we move forward with this article, your concepts about this ingenious reaction will strengthen.
Decentralization: The one and only truth
Conventionally, if you wish to preserve, process or share information, you got to own it. This means that you will be required to create, borrow or by the information and might need permission to utilize it along with making everyone aware of the alterations made to it. Does that not sound complex? A system like this is prone to errors, isn’t it?
The convenient part about using the Blockchain Technology is that the information is distributed to everyone on the network. In case a change is made, the complete validate it before the transaction is infused into a block and attached to the Blockchain.
This means that there is only one truth and no single point where things can fail. If anyone block is changed, every subsequent will also have to be changed before a new block is added to the chain. Or else, if anyone gets involved in any kind of fraudulent behavior, the nodes will pinpoint it then and there. Given the fact it takes thousands and thousands of nodes to confirm a new block, it seems impossible for someone to beat their amalgamated computing power and add a wrong one.
Cryptography: The way to go Incognito
The data that you find on Blockchain is hashed through cryptography. In simpler terms, you cannot make out its real identity. For those who do not know how hashing works, it takes an input value and implements an algorithm for generating brand new value.
It is like protecting the data by a password by giving it a distinctive ID. Each block contains an eccentric has produced from the transactions along with the hash of the preceding block. If you make changes to a block retroactively, the whole history of the chain will need to alter.
Consensus: Does everyone agree?
Consensus can be seen as the heart of blockchain technology. Firstly, the nodes approve that the blocks meet the rules set for the Bitcoin blockchain. Later, the miners find a solution to a complex cryptographic puzzle which is based on that block’s data. When miners resolve the puzzle, the solution is shared with the network. If. At the minimum, 51 percent of the nodes accept that solution, a block is adjoined to the blockchain.