How do I get started with blockchain ? | From Dilsecodie

 

how blockchain works

A blockchain is a decentralised, digitally distributed public ledger that exists across a network. 

Among these networks, one of the famous networks known to the world is crypto-network using which the concept of Cryptocurrency was developed.

Cryptocurrency is a virtual currency that is secured by cryptography and due to the decentralised network, 

cryptocurrencies cannot be controlled by any government body. 

The benefit of cryptocurrencies includes cheaper and faster money transfers over a decentralised network which is untraceable.

One of the most known and valuable of the most know and valuable cryptocurrency is Bitcoin which was invented by Satoshi Nakamoto. It was invented in 2008 but was made available to the public in 2009. Bitcoin can be earned through mining which means the user needs to enter into the network and start searching for Bitcoin.

Mining is a concept where multiple anonymous users (computers) engage in the network and start solving the blockchain algorithms and the user who gets to solve the given algorithm at the earliest gets a reward in the form of Bitcoin. The blockchain algorithm used by Bitcoin is SHA-256 which stands for Secure Hash Algorithm. SHA-256 is a hexadecimal unique code of 256 bits which is one of the most widely used hash algorithms.

In order to mine Bitcoin, users

need to have specific hardware known as ASIC miners (Application-Specific Integrated Circuit)

Worldwide there are more than 8000 cryptocurrencies that have been invented to date

Mainly Talk about blockchain 

Its Technology can be understood in terms of hashing algorithms for storing keys and values with it, hashing is part of a data science algorithm. every key generates its own unique hashcode with it.

Did you know that over1000 different entities in this country alone issue various certificates using over 1,000 different forms I mean the departments of land records, birth and death certificates, marriage

certificates, RTO, Trade licences and of course building permissions?The above-cited news item clearly sounds the alarm bell on all of these fraudulent certificates that are out there and it's really a big problem.

These problems can be sorted from Blockchain technology when used with it.

Building permission certificates are a great example because you

get a fake certificate you go down to the bank wallah you've got your

loan! You take it to your power company and you got your electricity connection.

We can overcome these fake certificates, which can stop only when the blockchain algorithm system is embedded with it as we know that blockchain flow blocks with information with it, so if any block entered wrong info then it hashcode algorithm will be a break. then easily these fake documentation can stop in our country.

: From dilsecodie