Is Blockchain paving the way for the future?

You might think that the mechanism behind Blockchain is very complicated, the reality is, it is quite simple: Decentralizing the storage of data in such a way that data can never be purchased, controlled, or handled by a control gate.

In a world where anyone can update a Wikipedia record, Blockchain is considered the reply to a question that people have been asking from the beginning of the internet era: How can we trust what happens online.

The whole point of using a blockchain is to let people—in particular, people who don't trust one another—share valuable data in a secure, tamperproof way.-MIT TECHNOLOGY

 

We do several tasks online, for instance: online banking, online shopping. We also log into websites and services that blend our digital selves and information back and forth. Now for just a minute, think about Blockchain as a historical web that has all your record-every digital transaction, exchange of goods and services, or even private data. Then the chain adds that data into encrypted blocks that can never be updated and distributes the pieces across a worldwide network of distributed computers. Blockchain is a distributed database that maintains a shared list of records. These records are called blocks, and each encrypted block of code holds the records of every block with timestamp transaction data. In conclusion, you know, chaining those blocks together. Hence, Blockchain.

How does a Blockchain works: Step by Step view

     

A blockchain network is only as safe as its infrastructure

While setting up a private blockchain, you must choose the most desirable platform for deployment. Even though blockchain has built-in properties that provide protection. The known vulnerabilities in your infrastructure can be manipulated by those with ill purposes. Preferably, you should have an infrastructure with integrated security that can:

• Prevent anyone — even root users and administrators — from accessing sensitive information.
• Discard illegal attempts to modify data or applications within the network.
• Carefully guard encryption keys using the highest-grade security standards so they can never be misused.

With these properties, your Blockchain network will have the protection, which it needs to prevent attacks.

Pros and Cons Of Blockchain

I hope you enjoyed reading my blog post. Let me know your thoughts or suggestions in the comments below.

And if you liked it, Share it!