If you have ever heard about Bitcoin and any other cryptocurrency, probably you would have listed about blockchain technology also. Blockchain is the technique working behind bitcoin cryptocurrency to provide it ultimate level of security. Blockchain Technology PPT Download guide for you.
● What Is Meant By Blockchain Technology?
Blockchain technology is a real time peer-to-peer distributed immutable database which is made up of a huge number of blocks. In simple language, blockchain is a decentralized system or the chain of blocks whose data can not be changed without making desired changes in all the blocks of a blockchain. Block is nothing but a database which contains the data of a particular user. This database may contain any type of data like- transaction records etc.
- Components Of A Block
A block is like a box which is made up of three things- Hash, Data and Previous Hash. Hash is just a unique identifier of a specific block which changes automatically when any change or manipulation is done with the data stored in that block. Previous hash is the hash of the predecessor block, whose function is to connect a particular block to its successor block so that the chain may not break.
- Why Is Blockchain Secured?
Blockchain provides the systems with optimum security which can’t be broken. Let’s understand in an easy way why this blockchain technology ppt download is safe.
Let’s say a hacker who wants to hack a blockchain system, so he changes the data of a block that results in the prompt change in its hash.
When the hash of this block is changed, it will not match with the previous hash of the next block. Then finally, the chain will break and his attempt will go in vain.
Another thing he can do is that he will have to make the desired changes in all the blocks of the blockchain, so that the hashes of all the blocks may match their previous hashes. But, practically it’s near to impossible since the number of blocks in a blockchain is so large that he can’t make changes in all the blocks.
One more thing which makes blockchain technology the supreme security is peer-to-peer network. The data which is stored in a blockchain system, is not only in your computer but also it’s present in many other systems. But, what will happen if someone of those system-owners tries to hack your data? The answer is- “nothing will happen.” It is because, if he changes the data of one system, he will have to do the same in others’ systems, which is again impossible. Because of all these reasons, blockchain technology is the safest to protect personal data.
- Applications Of Blockchain Technology
Apart from crypto currency, the systems which require high security for their data or have less need to change the data when stored, use blockchain technology for their system.
It has a long list of applications some of which are given below-
- In Music Royalty Tracker
For a music creator, only producing great music is not at all enough if he wishes to make money from it. He will have to make it reach the targeted audience. For this, the music creator either signs a deal with a well-known music label company or distributes the music on some platforms like iTunes etc. without any label. But, because of some norms of these third parties, the creator has to compromise with the amount he gets and many other things too. Blockchain-based platforms provide the creators with smart solutions. Firstly, the musician records his music and stores it in a separate block in the software, the rights signed by him are stored in the second block and the third and last one contains the money which he gets as crypto currency.
- In Remote Voting Softwares
Democracy is the supreme power for the citizens so that they can vote for their desired candidate for protection of their rights. But, many adults can’t go to the voting center for casting their votes on the day as they might be travelling or are too far from the voting center. The alternative for this issue is to use a remote voting app, but many of them work on a third-party platform which may be a risk for the information of casted vote by an individual.
So, blockchain-powered remote voting apps or softwares solve this issue. In that, the first block validates the identity of the voter that can’t be corrupted by any means. Then this information is referred to the system of election commission. When it’s found to be the same, it results in hash matching and the user receives a smart ballot which allows him to cast his vote in the ballot box that is obviously another block. Thus, the remote voting app become secured with the use of Blockchain Technology.
- How To Add A New Block In Blockchain System?
Now, the question arises how new entries or blocks are added in a blockchain while it doesn’t allow anyone to make changes. For this, one has to follow the consensus algorithm which is the base of this whole blockchain technology ppt download.
Firstly, you will have to define a nonce, which is an arbitrary value of block beginning from zero. After that, you will have to enter that nonce as the hash in the header of the block. In the execution process, nonce will compare itself with the block number and when it exceeds the most recent block number, loop breaks and output will be a new block in the blockchain.
How to download Blockchain technology ppt online?
Till date, blockchain is the best and most secure way to protect data as its hash-matching system makes its security unbeatable. Still, there are some disadvantages of it like- it consumes too much memory and power from the system, when mistakenly, wrong data is entered to the block, you can’t edit it. But, every technology has a few demerits and for Blockchain technology ppt it may be possible to get over these problems when it gets more advanced. But it’s far better than using third-party apps and softwares.