Table of contents
- Introduction
- History of the blockchain technology
- What are the benefits and Real time examples for blockchain
- What is the connection between BlockChain and Bitcoin
- Is there any chance to hack the BlockChain
- How to government regulate the blockchain technology
- Conclusion
Intro the future of blockchain technology
Bitcoin is an interesting topic but there is a lot of confusion. We discuss about it today Many asked a question, What is blockchain technology? By learning the future of blockchain technology, Can we learn about Bitcoin? The next question was How is the government going to regulate cryptocurrency? There is talk that some governments are going to ban Private Cryptocurrency. Is this possible the future of blockchain technology ? In genral another question was, Cryptocurrency prices vary at many times. How are they fixing the value of the cryptocurrency? The base to all these questions is BlockChain Technology. Understanding future of blockchain technology gives you a perspective on whether you can earn money from it or not. You can understand when the cryptocurrency market goes down or goes up Let’s discuss this post
History of the blockchain technology
Any made thing that this topic might not be useful to them. Talk about blockchain technology, Bitcoin and cryptocurrency But in the near future, all people will learn and try to understand blockchain technology. Blockchain technology is not created only for cryptocurrency. In 1991 two scientists Wanted to create blockchain technology. But they were not successful. In 2008 the blockchain technology was created. In 2008 based on blockchain technology the Bitcoin was introduced. By 2020-2021 Business people and computer engineers started to think about the possibilities of blockchain technology.
What are the benefits and Real time examples for blockchain
They are thinking about implementing blockchain technology in democratic countries for elections. If they are successful nobody can rig an election. They can modify the system that the election board can monitor. They can modify the system that the election board can monitor each and every vote. The election commission can keep a record of every vote of the election. There are so many advantages to using blockchain technology.
Real examples
The Other advantage is, For Ex: if you buy a 1-kilo tomato which is in a package. If the package has a detail of the location. You may ask us, Why do I need the package details? If, among various packages, 1 package of Apple is poisonous. If we don’t have the details we cannot identify the particular package. so If we can identify the particular package there will be no panic in the market. This is a simple example. How can we identify the package? We should learn about blockchain technology. Each and every block in this technology will be connected. This will be in a chain structure. A Block will be based on the application. For Ex: I am going to start a business with my friend. So We should know the business, Investments, and clients. If we are using the future of blockchain technology to create software.
The block will have details about the Selling of the products, units, and the client name. So this one block will have the clients full details. So the Block will have data based on the application. anyway a block will contain data. How many bitcoins can a block hold? What is the value of bitcoin? We must differentiate a block. For an Ex: In A Classroom there may be students with similar names. They can differentiate with the Initials of the two persons. So we need the initials to differentiate the Students.
What is the connection between BlockChain and Bitcoin
To Differentiate the data they create Nonce. This Nonce is a 32 Whole Digit word. A Word that has 32 numbers. When a block is created a Nonce will be automatically created. The Block will have a name which will be 32 number words. These 32 numbers will be input to create hashing. The Hashing will protect the data in the block. We use 4 digit pin numbers for ATMs I have a 4 digit password. I want my friend to identify the number. He may use random numbers to find the correct combination. So the combination may have upto 10000 numbers. The Supercomputers we have can easily identify this combination.
The Block in Cryptocurrency has nonce. The Hashing will consist of 256 Word which has Hexadecimal numbers. To identify the combination of the block we will need 400 Crores. If a hacker wants to hack a block. He needs to break the Hashing, he has to find the nonce. The hacker has to check the 400 Crores Combination to find the right combination. This is not an easy hack. A block has been created which has data, Nonce and Hash. There is no previous block to the newly created one. The second block has been created. The Previous block of this block will have a hash number. So there is a chain that can be identified. So the Block will have data, Nonce, Hash, Previous and Next blocks names. This will not be in a readable format. It will be in hashing format.
Is there any chance to hack the blockChain
The Hacker to find this hashing must run various algorithms to find the block. There are 5 to 6 blocks that are ready. A Hacker wants to steal the data from the third block. The third block has data that is equal to 100 Bitcoins. The hacker wants to clear this block by deleting the data. If the hacker figures out a way to reach the third block, What could happen? In the second block, the third block’s address has been mentioned. The Hash will change automatically. When there is a change in the data the hash will change. If the Hash value of the third block changes, it will immediately disconnect the chain into two and four blocks. This information will be distributed immediately. This technology is called as DLT( Distribution Ledger Technology).
When a block has been created, Will it be on one single computer? The Computers are connected to the servers. All computers will have information about this block. IF 100 Computers are connected to the server then the 100 Computers will have the Information of the block. If there are five blocks, the 100 computers will have the information of these 5 blocks. A hacker sits in the 50th Computer and wants to steal the third Block of data. So they can easily find out that the data from the 50th Computer is different to the data coming from the other 99 computers. after that The System will warn the admin or Network admin of the 50th Computer. The hacker cannot easily hack this system.
In future if happens look like this
as well as This concept can be used in Elections where nobody can pass a fake vote. If the hacker wants to crack this system, They have to sit in the 50 computers. If he is able to change the data of the other computers, he may be able to hack the block which exists in the 50 computers. This is an impossible task. For Ex: IF two friends are going to send money. When the money by the first person wants to send the money to the other person. One block will be created. This block will have nonce and Hash.
The data has been sent to the other person. If this person wants to send it to another person another block will be created. The 1st Block which was created by the first user will be connected to the Third block. So each and every transaction will create various blocks and all the data will be stored. Can they remove a single block in the chain? They cannot remove any blocks. They cannot modify or delete. Because if they delete a block this will create an issue in the chain. without doubt The Network people will easily find the issue.
Nowadays how we think
This is the reason block Chain Technology is the safest. Nobody can control this system. If China wants to delete any block of data. They cannot do it in Blockchain technology. They cannot just remove a block that is connected to another block. This will affect the Whole BlockChain. With this technology, the government cannot have control. Many countries are trying to take control of this Technology. The World is ready to create new laws for this system that cannot be controlled. This is the reason the some governments are planning to ban Private Cryptocurrency.
How to government regulate the blockchain technology
The Next Question is, How can the government control this system? The Blocks will be shared with many users. How can a government restrict technology? There are four types of future BlockChain technology. Still, now we discussed the Public Block Chain. If a person wants to create a Block they can do it and join the network. This can be done in Public BlockChain. If the BlockChain technology is used as Private. Each and every transaction will be registered by the govt.
The transactions between persons will be directly sent to the govt. The government will create a new block and insert the new transaction. So this type of BlockChain Technology is called Private BlockChain Technology. Now the World Govt wants to change this Private Blockchain into Public Oriented or govt organised. Many countries are trying to implement this technology. For the Data to be safe they have Proof of work a Ten Minute Interval has been implemented.
Conclusion
So now you know the details of BlockChain, Block, A blocks data. This is the overall information.