Blockchain Technology

BLOCKCHAIN TECHONOLOGY

What is Block chain?

Block chain is a global online database.

A global online database that anyone anywhere with the internet connection can use.

Unlike traditional data bases like financial/assets database which are owned, monitored, tracked and ruled by central figures like Banks, Government or  by any private companies.

Block Chain databases are not owned and ruled by any bank, central government, private companies or by any individual.

Block Chain stores information permanently across the networks of personal computers owned by the millions users who are actually part of block chain systems.

Block chain is Decentralized

The stored information is decentralized and distributed across the networks by millions of user computers within the block chain systems.

Thus an information uploaded to the system is stored, secured and guarded by millions of users who are part of the block chain network.

Block chain is run by millions of users over the network and it is impossible for any hacker to bring down the network.

The uploaded data are well distributed among millions of users with personnel computers who are actually the part of the block chain network, thus making it totally impossible to lose any data uploaded into the systems by any means as millions of user computers hold multiples copies of the same data, this works much more efficient than any traditional data centers.

The millions of users who run the block chain system actually use their own personnel computer to hold the data. the data that are held are in the form of bundles of records submitted by others.

The records are known as blocks, each block has a time stamp and link to a previous block forming a chronological chain which is called Block Chain.

Any user in the block chain system can view it (providing that if he has the key's to unlock) and add more data to it, but none can change it or alter information that already exist, meaning that the millions of users who are part of block chain system and who actually hold the data and bundles of records are just simply the guardians of the data, their computers are nothing but an data repository machine within the block chain network, thus making them helpers of storing information across the network , but they cannot modify the data.

The block chain enforces these rules based on mathematical computation know as cryptography, all the data that are uploaded to the block chain network are encrypted with cryptography thus making it impossible for any user to modify the data.

Cryptography

Which means records cannot be counterfeited , duplicated , faked, or modified by anyone anywhere by any means including Banks, Government or any private companies meanwhile the data is distributed by millions of users within the network.

Block chain, What so Big Deal about it?

When a data needs to be transferred from one person to another person, it becomes very efficient for person to transfer it with total anonymity.

Person "A" will transfer a data to Person "B", and the data flow starts from any computer within the system which actually holds Person "A" data and transfers it to Person "B", only Person "A" and "B" will be holding the key to send and collect the data respectively between them, the Block Chain Network users who are in millions will approve and oversee the transactions while also making sure that only "B" gets the data sent from person "A" securely and correctly and not to any 3rd party by mistake.

The Block Chain network users who actually approve and oversee these transaction will not be knowing any identity, address or location of Person "A" or Person "B" and they will not be knowing what data was sent or received between person "A" and "B" since the data are encrypted with cryptography and only Person "A" and "B" computers addresses will be holding the key to unlock their own data, Block Chain network users will just ensure that data transaction happens only between the person who initiated and the person to whom the data is being intended for. 

It is a totally anonymous transaction not tracked by any government, banks, companies and block chain users themselves (since the data are encrypted) .

Block chain Technology, How does it Helps? 

Think about a framer who buys a small plot of land and he will be provided with records, proofs and documents of ownership by the Government and Government keeps a copy of the document with itself as well.

Suppose if a natural disaster strikes and plot of land owned by the farmer is flooded and totally destroyed by it and the farmer also loses the copy of his ownership documents leading him without any proof documents  to show his rightful ownership of the land.

Mean while government which also owns a document copy of the framers ownership can easily change, modify or fake the farmers ownership document due some political reasons or in a interest of a particular individual or any change in government reforms and polices. Which will make farmer to lose the ownership of the land since the proof documents on both parties are either lost or altered.

But if the documents were to be uploaded to the block chain systems, it would be distributed among millions of users who are part of block chain network, and if farmers loses his copy of the data, there are still millions of copies of his data stored by the millions of user computers in the network, there is no chance of losing any data.

The data are well encrypted via cryptography and cannot be altered or modified by any government, bank or authority and even the block chain user computer itself who actually stores a copy of the data.