Posted on Jan. 15, 2020, 3:45 p.m.
Blockchain for secure data recording
A blockchain, originally block chain,is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
Japanese scientist created blockchain and bitcoin?
Blockchain was invented by a person who calls himself as Satoshi Nakamoto in 2008 to serve the transactions of cryptocurrency bitcoin. The identity of Satoshi Nakamoto is unknown.
When a transaction occurred between cryptocurrency users, the data is recorded in the blockchain. Thanks to the cryptography, the data is stored securely.
Is Blockchain Private?
Anyone can view the contents of the blockchain, but users can also opt to connect their computers to the blockchain network.
Each computer in the blockchain network has its own copy of the blockchain, which means that there are thousands, or in the case of Bitcoin, millions of copies of the same blockchain.
But this makes the blockchain more secure because it is hard to modify the data. If there is a hacker who is trying to modify the data, copies of the blockchain exist in many computers. It's almost impossible to access all computers and modify the data.
So, there is no central authority. (democratized system)
How is blockchain technology is useful for others except cryptocurrencies?
Blockchain may make selling recorded music profitable again for artists by
cutting out music companies and distributors like Apple or Spotify. The music
you buy could even be encoded in the blockchain itself, making it a cloud
archive for any song purchased.
Ebooks could be fitted with blockchain code. Instead of
Amazon taking a cut, and the credit card company earning money on the
sale, the books would circulate in encoded form and a successful blockchain
transaction would transfer money to the author and unlock the book.