CryptoCurrencyTechnology

Advantages And Disadvantages Of Blockchain Technology

If you know about IT (Information Technology), then you probably know about blockchain. If you don’t know, trust me this article will be very useful for you. What is Blockchain, so what is Blockchain, how does Blockchain Technology work, and how and where did Blockchain start? Know it all in detail.

In the last few months, there has been a lot of discussion about digital currency, i.e. cryptocurrency. You must have also heard about it somewhere, otherwise at least what is bitcoin etc. So what is it all and why are we talking about cryptocurrency here now. Friends, the reason is simply that we understand anything better when we try to understand it with an example. What is cryptocurrency or bitcoin and why its price is increasing so fast, all this will also help us understand Blockchain. So now let us know what is_Blockchain i.e. what is blockchain?

A few years ago, when the Internet changed the way the world looked, Blockchain is about to do something similar in the coming days. Blockchain_is not a new concept, but we still have a problem with understanding it somewhere. But we will know in detail what_Blockchain is from its inception to its future.

 

What is Blockchain in simple language

Blockchain is a method or system in which data/information is stored and stored which cannot be hacked, changed or any kind of fraud.

Who Invented Blockchain Technology?

David Chaum, who was a cryptographer, first presented his work in his 1982 dissertation in the Ware of BIockchain. But what is_Blockchain, this question came on everyone’s tongue in 2008. Because this year Satoshi Nakamoto created Bitcoin on_Blockchain technology. It became the first digital currency in the world, which is also called cryptocurrency.

The motif of making this saree has the potential to change the world. By removing the banking system of the world banking system, the sari cryptocurrency created by_Blockchain technology can make you, me, all of us the owner of our own money. We will not have to deposit our money with any bank or government.

Who is Satoshi Nakamoto, where did he come from, whether he is human, male or female, is it a ritual or something, no one knows anything. But nowadays bitcoin mining is going on and gaining a lot of respect throughout Biswa. The basis of Bitcoin is called a satoshi.

How does Blockchain work?

This question must have arisen at some point not only in you, but in me as well. By the way, how does_blockchain work? Let’s understand this with an example.

Suppose some children are playing cricket. He and another kid who wasn’t playing became the referee. The referee also remembers all the scores of the game. Now it is not necessary for the umpire to remember the sarees properly. He can forget, or the figures can be wrong, etc. At the same time, if all the children remember the score themselves, then if someone forgets, he will remember the rest. This means that everyone remembers one piece of information.

Here the referee is a centralized system and the technique of memorizing all children together is a decentralized system. In a decentralized system, one piece of information is stored/stored in thousands of millions of computers/servers. Therefore, they remain very safe.

 

 

Is Blockchain technology secure?

When we talk about_Blockchain, we are talking about thousands, millions of computers/servers that don’t exist on the internet at all. And we all know that anything on the internet can be hacked. So does this mean_blockchain is not secure? No, it’s not like that at all. In_Blockchain technology, countless computers and servers are deployed from each different node. If the system is to be hacked, then all the servers that are connected to that network need to be hacked, which is kind of impossible.

So we can assume that_Blockchain technology is safe and secure. Although it can be said that it will be equally secure or not in the future, for now, Blockchain_is the most secure network system on the internet. Due to this blockchain_technology, many crypto exchanges like CoinSwitchKuber, WazirX, etc. have also been created in India today.

What is a public blockchain and a private blockchain?

Blockchain can be of many types, but here we will divide it into 2 big categories. Blockchain_Mainly public blockchain and private blockchain. Let us know what they are and what their similarities and differences are.

Public Blockchain:

A blockchain that is common to all, no one needs to take or give permission to anyone, that can be seen and read by anyone anytime, anywhere is called a public blockchain.

Private Blockchain:

A blockchain that is created for the internal use of any small or large organization that only a few people have access to is called a private blockchain.

Benefits of Blockchain – Benefits of Blockchain

I have already learned what blockchain is, now let’s look at some of its advantages and disadvantages.

  1. Transparency: Since it is open source, there is nothing hidden about it. things are easy to follow
  2. Security: There are thousands of millions of computers/servers in the blockchain. This is why hacking any network is very or almost impossible. Therefore, it is very safe.
  3. Speed: Internet means data exchange and depends on the speed of the Internet. Data transfer is very fast in blockchain technology.
  4. No Third Party Involvement: No one else’s signature is required in the blockchain between sender and receiver. He is completely independent.
  5. Reduced cost: It is much cheaper than all other existing technologies.

Disadvantages of blockchain

  • Energy consumption: It consumes a lot of energy, due to which there is a possibility of environmental damage.
  • Irreversibility: Once a transaction is complete, it cannot be undone. This means that if you accidentally send money to the wrong person, it is almost impossible for you to get it back.

Use of blockchain_in the future

Blockchain1 technology has many advantages in addition to several disadvantages. It does not repeat that this is the future. But now probably many people don’t accept it, maybe because they don’t understand it properly. But it will remove all small and big internet glitches and everyone’s thinking as well. In the future, there will hardly be an industry that does not use_blockchain. Therefore, let’s all say What is_blockchain? we know and understand very well so we can keep up with the times.

I hope you like What is_Blockchain? You enjoyed this article and found it informative. Please share your important suggestions through comments. If you like it, please share it with everyone.

Thank you!!! Thank you very much !!!

Mr Admin

Hello, I'm SUMAN from India. I’m currently working on Cyber Ethical Hacking. I’m currently learning more about Hacking, Web Design, Coding, Android ROM
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