Block chain was outlined in 1991 by Stuart Haber and W. Scott Stornetta ,But it was invented by another person, the person who did invention information is given below. At first it only worked on bitcoin. In this technology all people know who is paying whom. But now it not only converts digital currency, it also converts anything in digital to make its record. Bitcoin is a digital resource which helps to buy or sell anything digitally. Block chain is a growing list type which is called block. It has a timestamp and data of buying or selling. It is a server without a central server. These types of servers are called decentralization. In this, users did not interact with the help of the bank or any paying system. Block chain is on trending because bitcoin is also trending and many rich peoples invest in it.
History of Blockchain
Block chain was invented by Satoshi Nakamoto in 2008 to do public transaction cryptocurrency in bookkeeping. She only wants to make decentral bitcoin bookkeeping which has the ability to control money of owner. Any people’s money is safe, not even the government can monitor it. Block chain is the first invention which solves the double spending problem without a central server or trusted central authority for which it is made.
How many types of blockchain are there ?
There are four types of blockchain that are given below with definition.
1. Public Block chain:
The public block chain has no reduction. It is an open network. Anyone with an internet connection can get access to the network and send transactions. It overshadows the essentialness of third parties. The system has a natural flow of its own. Nobody controls its flow path, yet all use it. It is open network
2. Private Block chain:
A private block chain is a permissioned block chain. Its work is based on access control which reduces the number of people who can participate in the network. A participant of a private network can join only through a verified invitation. Private blockchain is not decentralized and it is distributed bookkeeping that works as a closed secure database based on cryptography concept. Many people call it an invitation blockchain.
3. Consortium Block chain:
Consortium Block chain is a blockchain technology instead of a single organization, multiple organizations rule the platform. It is also called federated blockchain. In this only pre-selected participants are selected. Therefore this type of block chain is not everyone but express private. There is no difference, all have the same power. It is better than public blockchain, but it is not decentralized. That’s why single participants get more power. That is useful for small groups where the identification of a person is determined.
4. Hybrid block chain:
The hybrid blockchain is a combination of public and private organization. The best way to express it is using blockchain where a private network is hosted. Anyone can participate in the maintenance and governance .
Real life application of Blockchain technology.
Now we talk about real life applications which were used by people.
SHO card: It stores your identity on Bitcoin’s Block chain to do your easy verification.
- Bit nation: It is governance 2.0 capable Which is a cross sector platform and it organizes self governance.
Chain link: It is block chain technology used to verify and validate authenticity and real world items title.
Symbiont: It gives smart securities to blockchain.
Arcade city: It is a true decentralized ride sharing service . It is also known as Uber Killer.
Blockchain technology – its advantages and opportunities.
Advantage of Blockchain
- Blockchain helps smart devices to communicate with each other for better communication.
2. It solves the operating problem. It gives the highest degree of accountability.
3. It makes online identity and reputation of decentralization because in this our data is own.
4. Cryptocurrency gives the government power to control the currency’s value and give it to people. By this there is nobody to control anyone on currency.
5. In any information Blockchain protects us from middle man. By which access is changed freely.
6. Block chain technology addresses continuing issues of censorship or regulation.
7. If you have a Blockchain based system so you do not need to take intermediaries. In this system you easily record and transfer the assets.