The advent of the internet is a blessing to mankind. It has now become an integral part of our lives. Internet is required in everything that we do either it is education, traveling, shopping, health, etc. There are several applications of the internet and they are used in different sectors. The use of these applications and technologies reduces the workload and makes the work easier. Blockchain technology has also emerged because of the advent of computers and the internet. This technology came into the limelight after the discovery of cryptocurrency named Bitcoin.
This topic is a very interesting topic for students of higher classes and college students. A long elaborated essay on this topic has been provided below. I hope that might aid the students in getting an idea to write an essay on this topic. Moreover, I think that it might be good for all the readers to know about this emerging technology.
1) Blockchain is a newer technology that became popular with the emergence of Bitcoin.
2) This technology is used to store data and information.
3) Blockchain is a decentralized system which means no single authority is responsible for managing it.
4) In 2008, Blockchain technology was pushed forward by Satoshi Nakamoto.
5) In this technology, there are different blocks containing information.
6) All the blocks are interconnected and hence it is named Blockchain technology.
7) This technology is highly safe and secured.
8) Any change in the record can be easily identified in this technology.
9) The working and maintenance of Blockchain require huge energy.
10) In Blockchain, if the private key is lost then it is impossible to gain access again.
Introduction
Blockchain technology is the most discussed topic at present on different forums in the world. Many of us might be familiar with this topic and its details, but there are many among us who would have heard the name of this topic for the first time. It is an interesting topic and we will be discussing Blockchain, its working, origin, types, pros and cons and future scope in the essay provided below.
What is meant by Blockchain?
Blockchain in simple terms is regarded as the record-keeping technology and has been popular after the advent of Bitcoin. This technology is also linked with banking and investment firms. The information regarding different transactions and details of credit and debit are noted down by us and are termed as records. This is the procedure of maintaining the records manually and the manual records are stated as the ledger. The process of maintaining the record of information and data in form of databases that are stored electronically on the computer system is called Blockchain. It can also be regarded as a digital ledger.
Blockchain is the system of recording and storing information in such a way that it cannot be edited or hacked. Every computer connected to this system has access to the data and information recorded in the Blockchain. It is not managed and controlled by any single person or authority but is decentralized. Thus, the technology is also stated as the distributed ledger system.
Origin of Blockchain Technology
The idea of the protocol of Blockchain at first was suggested by Cryptographer David Chaum in the year 1982. He proposed this idea in his dissertation work on “Computer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups”. Stuart Haber and W. Scott Stornetta were first to start working on the concept of blockchain in the year 1991. Later there were many attempts made to carry forward this concept.
The concept of Blockchain came into reality in the year 2008 and the credit for inventing this technology goes to Satoshi Nakamoto. He named this technology Block and Chain i.e. it was of two words in his original paper but later the technology was named Blockchain a single word in the year 2016. This technology came into existence after the advent of cryptocurrency called Bitcoin. Nakamoto wanted to create a Bitcoin ledger as a decentralized system that can easily be assessed by the people connected to the system.
How Blockchain Works?
Attributes of Blockchain
There are certain features that are specific to the Blockchain technology and are enlisted below:
Classification of Blockchain Technology
The Blockchain technology network can be broadly be classified into four types of networks and that are stated below:
Need of Blockchain
The advent of the internet and different technologies has resulted in several digital technologies in the world. Blockchain is a new and emerging concept in society but is becoming popular at a very fast pace. Earlier when there was no such technology the records and information were noted and maintained in the written format by the people. There was a maximum chance of errors when the data was noted manually. Moreover, the data and information could easily be edited easily that later gave rise to corruption.
There is a dire need for a technology like a blockchain that will ensure the security of the recorded data with full transparency. This will also help in gaining the trust of people and they can access the information in the blocks without any kind of fear of cheating. The copy of the transaction is available on all the computers linked with the blockchain network and this validates the security of the transactions. This technology is preferred by the banks for the process of money transfers, storing records, and different technical works.
Benefits of Blockchain
Limitations of Blockchain Technology
How is Blockchain Essential for Operating Bitcoin?
Bitcoin is a digital currency and it is managed by the Blockchain. There is no authority that is meant for operating the crypto currencies. The transaction of every Bitcoin is stored in the blockchains. Further, the options of the digital currency are distributed on the computers in the network. This facilitates the operating of Bitcoins without the involvement of any kind of central authority. The data of the transactions of Bitcoins are stored in the blocks of the blockchain. This is a risk-free and secure option for operating Bitcoin.
Blockchain Wallet- This is a digital or E-wallet service that is provided by the blockchain company. It enables the users of the blockchain network to store and manage, transfer, and trade cryptocurrencies. The wallet s well provided with the security features that help in reducing the chances of online fraud and thefts.
Applications of Blockchain Technology
Conclusion
Blockchain is an emerging technology and its use at present is limited only to the crypto currency. This technology is also said to be useful in different sectors in the coming future. It is being tested for the same in different sectors in several countries of the world. It is brought into use in the banking and commerce sectors in different countries. This technology is becoming popular at a very fast pace and there are many fields where it can bring revolutionary changes. The advent of such technology is dire of need in coming future. I have tried to explain the blockchain in a very simple way in form of a long essay. I hope that you will find it interesting and love reading about this new technology.
Read Also :
Ans. Blockchain is a system of recording and storing the data with no chance of editing or hacking the information.
Ans. The banking sector is using blockchain technology in India.
Ans. The United States of America USA is the leading country in the world in blockchain technology.
Ans. Japan was the first country in the world to embrace blockchain technology.
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