What is blockchain and how does it work? And know the basics of blockchain with its benefits.


Assalamu Alaikum, 

Friends, how are you all. Hope everyone is well by the grace of Allah.

Many people may have heard the name Blockchain, and many may not have heard it. And if I say Bitcoin then I think almost everyone of you have heard this name. So people's interest in blockchain has increased after this bitcoin came to the market because bitcoin or other cryptocurrencies work depending on this blockchain technology.

Friends, you must have understood that today my article is about blockchain technology. Here today I will give you a detailed idea about blockchain. So let's go to the main discussion.

Currently blockchain technology has created a lot of hype because this blockchain technology is going to radically change the future of technology.

So if you don't know anything about blockchain then today's article is for you. So try to read the entire article with patience.

🔵 History of Blockchain:

Blockchain technology was invented in 1991 by Stuart Haber and W. Scott Stornetta. But then the popularity or importance of this blockchain technology was nothing.

Blockchain was proposed as a research project in 1991. Bitcoin was invented by Satoshi Nakamoto in 2008. So he was the first to use this blockchain technology for this bitcoin transaction since then the popularity of blockchain is increasing at a tremendous rate. All transaction history of Bitcoin transactions are stored in the blockchain without the control of any trusted organization or individual. It is said that the journey of Blockchain started after the invention of Bitcoin. It was then used to create cryptocurrencies, Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs).

🔵 What is blockchain?

Blockchain is a type of chain. The two terms used here are "block" and "chain". Block refers to a block of data or information and when these blocks are connected to one another by a chain or chain, it is called a blockchain.

Blockchain technology consists of many data blocks, all these data blocks are encoded using cryptography technology. And these blocks are connected to each other to form a long chain.

Blockchain is a system of data recording, which makes it impossible to change, hack or cheat the system.

🔵 How Blockchain Works:

We know that each block of the blockchain contains the data of that block, its own hash and the hash of the previous block. A hash is basically an identifier number. Every single block in a complete blockchain basically consists of three things - the data-hash (HashCode) and the hash of the previous block in the chain. But what is the hash thing? A hash is basically an identifier. Each block's hash (HashCode) is completely basic. That is, the hashes of two blocks can never be the same. This matter is much like a human fingerprint. No two human fingerprints are alike; Similarly, the hash of two blocks can never be the same. And these hashes are generated according to the data stored in each block. That is, if the data of a block is changed, the hash of that block will also change. Blockchain technology can be simply defined as a decentralized ledger, or decentralized, where a digital information exchange is recorded in a balanced manner. And based on this impenetrable security management, cryptocurrencies have been launched.

Imagine you send any information to a person via blockchain technology. Simply put, when you send bitcoins to the person you send bitcoins to, the transaction is captured in a block. And we know that each block is connected to each other in the form of a chain. This is basically how blockchain works through large networks.

🔵 Advantages of Blockchain:

Now let's know what are the benefits of blockchain technology:

👉 Blockchain is the most secure and open way to collect data. Data or information can be stored securely in each block of blockchain.

👉 It is possible to avoid hacking if all transactions of banking and finance are done through blockchain technology. Currently blockchain technology has become very popular in this sector.

👉 Blockchain technology is very secure as its data is almost impossible to change or hack.

👉 Elections in almost every country are contested by the opposition, accusing them of vote rigging. If the vote is accepted through this blockchain technology then it is possible to prevent this vote rigging.

🔵 Popularity of Blockchain:

The main reason for the increasing popularity of blockchain technology is its improved security. It is impossible to change or hack its data, that's why block's popularity is increasing day by day. Apart from this, any transaction is being done safely without the mediation of any third person through blockchain technology, which brings many benefits to people. It is mainly for these reasons that the popularity of blockchain is growing at a rapid pace.

Finally, Blockchain is a distributed ledger (Khatian in the language of accounting) which once created cannot be changed, expanded or edited, cannot be deleted.

And if you have any question about today's article then definitely comment and if you like this post then share more among your friends. And keep visiting this Juifullbangla site of mine to get latest updates about income.

Friends, so far today. Everyone will be well, healthy and beautiful.

Allah Hafez.

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