In the year of 1991 the concept of secured chain of blocks was introduced for the first time in the world by two researchers Stuart Haber and W. Scott Stornetta. Both the researchers wanted to design such a system where no tempering takes place. Later on, in 1998 a renowned computer scientist named as Nick Szabo introduced the world to digital currency for very first time and this digital currency is known as BIT GOLD. Bit gold was one of the earliest attempts at creating a decentralized virtual currency Bit gold is very much similar to the bitcoin specifically the systems used to process transactions and to secure the decentralized network. After years passing technology becomes more advanced in it so that in 2008 developers working under the pseudonym Satoshi Nakamoto (group of peoples) release a white paper establishing the model for a blockchain and after one-year Satoshi Nakamoto implements the first blockchain as the public ledger for transactions made using bitcoin. And finally, in 2014 Blockchain technology is separated from the currency and its potential for other financial, interorganizational transactions is explored.
Since blockchain technology is separated in 2014 it results as a game changer in the field of blockchain and cryptocurrency. Earlier bitcoin was the digital currency that is mostly used in blockchain technology but after that more cryptocurrencies comes to join the blockchain technology and revolutionized the life’s of people all over the world for example Ethereum the second largest blockchain implementation after bitcoin, Ripple,bitcash and bitcoin cash which very popular cryptocurrency nowadays and so many other currencies using the technology of blockchain and changes the life of common peoples of all sectors of life.
As my article name suggests that I have to write this article to highlight the importance of blockchain technology so here I have discussed some important features of blockchain technology which are totally replaced by blockchain technology.
As we know blockchain is a type of database A database is a collection of information that is stored electronically on a computer system. Blockchain technology works on the on the long chains of block as mane suggests each block contain complete information of all the activities which was performed by all the users on it means all the transactions are stored in block when one block is filled the other block is joined to form chain of blocks and the process is repeated in the same manner.
one of the most important feature of blockchain technology is Decentralization. Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers. Whenever a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change. By spreading that information across a network, rather than storing it in one central database, blockchain becomes more difficult to tamper with.
Another important feature of this technology is the accuracy of chain transactions on the blockchain network are approved by a network of thousands of computers. This removes almost all human involvement in the verification process, resulting in less human error and an accurate record of information.
Elimination of the third-party verification and documentation is also a huge advantage of blockchain technology you don’t need any verification or banking processes for your transaction which are normally very time consumable processes.
Most blockchains are entirely open-source software. This means that anyone and everyone can view its code. This gives auditors the ability to review cryptocurrencies like Bitcoin for security. This also means that there is no real authority on who controls Bitcoin’s code or how it is edited. Because of this, anyone can suggest changes or upgrades to the system.
Security of transaction is also a big plus point of this technology once a transaction is recorded, its authenticity must be verified by the blockchain network. Thousands of computers on the blockchain rush to confirm that the details of the purchase are correct. After a computer has validated the transaction, it is added to the blockchain block. Each block on the blockchain contains its own unique hash, along with the unique hash of the block before it. When the information on a block is edited in any way, that block’s hash code changes.
So all these features and advantages of blockchain technology makes this technology to more advanced and reliable for every user from all over the world, and so we can say that this technology changes the life of a common person. In future lots of other features and advancement will make this technology to be more reliable for all the users from all over the world.