How blockchain will change our life – Blockchain series – Part – 1

In this ever-changing world, numerous technologiestook delivery. But some of them remained to be the leadingones. The one that heightened the banking transactionsthrough the usage of cryptocurrencies, fastened the nature of business is the Blockchaintechnology. Blockchain is the future. But, what is it? How it can improve our lives? How secure is it for bank deals? Let’s is a well-known fact that in this video. Hello everyone.Welcome to Fact space. For more useful information, subscribe toFact Space and sounds the buzzer, Kris: so you don’t miss upcoming astonishing stuffwaiting for you. Blockchain is not a hard perception to understand. But pay attention, because there is more interestingstuff in it than you think. In the figure, the whole process is there. Block .. bond … Kris: Will blocks be in the form of a chain? Yes. Data is stored in the form of blocksand are connected to each other. This connection will be in the form of a chain. So, it is called a blockchain. Simply, a blockchain is a database. Kris: Database? What is it? A database is an organized accumulation of data. For example, let’s take our mobile phone. It is also a database. It compiles the information you want, savesthem accordingly, and places it. You can access it at any time. If you see your contacts roll, you can easilyunderstand it. Numbers are arranged in alphabetical orderand you can search the honour you crave. In calls of DBMS( database conduct method ), the search you do is called a query. If the same data is stored on a large scale, then we use query language like SQL to scour the data.So, in the same way, a blockchain is a database. Data that is newly engendered every time willbe added in the form of blocks. Kris: Okay. But how many blocks will be added for a wholeprocess? It takes so much memory then, how can thedatabase handle so many blocks? If you take online shopping, the whole transactions, your go-cart settles, and other things are placed as blocks. Don’t worry about the storage, it will be sufficient. But in the bitcoin blockchain, it’s differentagain.Let’s see what is a bitcoin last-minute. The blocks which are accumulated are given a code. That is a hash. A hash is simply a code that computers canunderstand and use them to find a certain block. Hashes are calculated by converting the datawe have given to a hash code that we can’t know. Blockchain uses the SHA2 56 algorithm to convertdata to hash. One change in the note or amount changesthe whole hash. That’s the above reasons this numerical conceptof the hash function is used in the blockchain. Every transaction that takes place will havea new hash. Let’s see how our kris’ reputation will be in hash. Oh, see it is 256 chip hash code.Hey kris, this is your name. Kris: Boss, I know how it is, but canyou understand? Sorry, Kris, I is certainly not so smart-alecky as you. This shapes the blockchain a secure direction forbanking transactions. But, you have to know one thing. The blocks that are added are publicly visibleto everyone who uses the database. If you encounter the bitcoin blockchain, the time, lieu, and the persons involved in the addition of blocks are visible to you but not theirpersonal information. A replica of this database will be present onevery system that handles the blockchain transactions. Whenever you change anything in the databaseyou handle, the other databases are also converted. This is called a Distributed database. A centralized database is one that is ata particular place like our google’s data center.But, the dispensed database won’t have aparticular place and will be on every organisation which uses the databases. Kris: Can I alter the blocks that are addedonce? Dear kris, you can’t. Because each block has its own hash code andthere is a process behind the add-on of blocks. A organization must solve the tough mathematicalproblems in order to add blocks. A target significance is set, and the system mustperform hash functions and generate code which is lower than the target importance. This process is announced mining and the systemsare called miners. Each brand-new block must be approved by the otherusers, and every new block waits for their chance to be accepted. That’s why it takes time for contributing a block. Kris: Is it secure then? You am told that every used must approve. But what if one user is a hacker and wantsto change the computed block? Good question kris. A block that is added contains the hash codesimilar to the previous one but not absolutely similar. If a hacker wants to change a block, whichhas a transaction in it and if he wants to change the block, by increasing the moneyyou have to pay, then the hash code also changes.He must change other blocks after it to stabilizethe chain. But it is quite impossible because the blockswhich will be in rows are connected to the previous ones. Then he must change the entire database whichwill be impossible. So, the privacy concerns related to the blockchaindatabase are restricted. There is a policy announced’ proof of work ‘. If I slap you, you will burst out. Your smiling face becomes red. In tribunals , nothing is believed without anyproof. My action has no proof. So,’ I didn’t beat you’ is likely to be the final judgement. If you record in a camera when I swipe, thenit becomes proof. In the same way, the systems that solve hugemathematical troubles must abide by the proof of work. Every block has the name of the system thatadded it. So , nobody can escape from that. This is the main advantage of the blockchain.Any employment that’s done has its proof. So, fear that intruders would do anything toyour detail is silly. The computational strength of the system requiredto change that countless blocks is more. Kris: Ok, boss I understood that blockchainis a database. Yes. Kris: But you have told about bitcoin blockchain. What is it? Okay, kris I will clarify. We have differing currencies in differentcountries. Rupees, dollars, euros, yuan, etc ., are differentcurrencies we know.One country’s money is not accepted inanother one. To avoid this, digital currencies appeared. Bitcoin is one of them and it is the popularcryptocurrency in the world. There is no limitation to this. You can send bitcoins to person or persons in Americaand receive them. But the value of bitcoin depends on that country. At present, the best interests of the bitcoinis 6,93, 754 rupees. But it can change at any time. On 3rd January 2009 a person introduced a codefor the digital currency. He explained how to use it, its advantages, and mentioned it’ Bitcoin ‘. Satoshi Nakamoto was the pseudonym used torefer to that person, but the truth is still unknown. The first application of the blockchain technologythat was invented in 1991, is the bitcoin. Kris: Boss, are there any cryptocurrenciesother than bitcoin? Yeah.Etherium, litecoin, bitcoin currency, tether, xrp, and other cryptocurrencies are available in the market. The main reason for the advent of thismany cryptocurrencies is that the resources code satoshi initiated, was open-sourced. So, any companionship even you can modify it accordingto your requirements. It led to the development of many digitalcurrencies for individual companionships. For example, if you start a company, you cancreate your own cryptocurrency for the transactions in your firm. The customers must have an account in yourcompany and the transactions become channel easier and secured.We have seen that memory will be sufficientfor adding more number of blocks. But in the bitcoin blockchain, the block sizeis 1 megabyte, it makes the whole transaction in it and makes a special hash code whichis a blended result of each step that took place. It takes a minimum of 10 hours, for thecreation of a bitcoin block. Kris: fucking – god! a lot of information.Yes, but still there is more to know. Kris: Boss, I cherish blockchain engineering. Now, you can pay my salary working bitcoin. What? Do you need salary? I am the person or persons working. Why do you need salary? Kris: For, listening to it. Kris, you are joking right? Kris: No, Boss I want my payment. Ok, go now, let’s see that later. Kris: Are you sure? Yeah, emphatically. This is a series of blockchain and in thenext video, you can know how bitcoin events happen and how the accounts are secured fromblack hats. Stay aria to fact infinite so you don’t missthem. Kris: Also, retain to subscribe and clickthe bell so you don’t miss upcoming astounding stuff just wait you. Hey kris who told you to interrupt? Kris: precisely a small help boss? Ok, folks, told you soon.

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