What really BLOCKCHAIN is!!🤔 and MYTHS around it💁.

Many people think of blockchain as the technology that powers bitcoin. While this was its original purpose, blockchain is capable of so much more. But what actually Blockchain is???   📖In technical terms "BLOCKCHAIN is a suite of distributed ledger technologies that can be programmed to record and track anything of value, from:-

• financial transactions to
• medical records or
• even land titles and many more...

How BLOCKCHAIN technology is revolutionizing the way we interact with each other.

So lets take an example of the technologies what we are using right now. For example there is a system where we store our data. One day Class Councilor of ECE 3rd Sem Section A1 comes and do some changes regarding the PTU results and ownership of a particular thing belonging to some student. One day he/she resigns from the college. After a month students notices that the changes which were made on his directory is wrong and the same time his belongings and the thing which he should get and own is being used and owned by some other person. He tries to go to authority and to claim what is his entities. Here comes the problem :-

• Without his permission and his knowledge the C.C transferred the authority to some other owner.
• There is no record who , when , where and what time transferred the ownership.
• No record that previously the real owner owned the entity.

Now here comes the cutting edge technology BLOCKCHAIN🥳.....

How BLOCKCHAIN can help🧐????

Blockchain is based on the centuries-old method of the general financial ledger. It’s a non-destructive way to track data changes over time.

Because blockchain technology uses the ledger method, there is an entry in the ledger showing that Student-1 first owned the property. When C.C transferred the ownership to Student-2, a new entry was made in the ledger, and so on.

Every change of ownership of this property is represented by a new entry in the ledger, right up until Student-2 got the ownership from C.C . Student-1 was the real owner and we can see that history in the ledger.

Unlike the age-old ledger method — originally a book, then a database file stored on a single system — blockchain was designed to be decentralized and distributed across a large network of computers.

This decentralizing of information reduces the ability for data tampering and brings us to the factor that makes blockchain unique: it creates trust in the data.

What happens before adding a new block in the chain./ or what things happen to do changes in the the modern "digital ledger".

First, a cryptographic puzzle must to be solved, thus creating the block. The computer that solves the puzzle shares the solution to all of the other computers on the network. This is called proof-of-work. The network will then verify this proof-of-work and, if correct, the block will be added to the chain.

The combination of these complex math puzzles and verification by many computers ensures that we can trust each and every block on the chain.

Because the network does the trust building for us, we now have the opportunity to interact directly with our data, in real time.

And that brings us to the reason that blockchain technology is such a game changer: no more intermediaries.

Myths around BLOCKCHAIN ??

• Myth: Every Blockchain is Public.

  Blockchain is not only exist public form, there are three types of Blockchain exists:- Public , Private and hybrid. These depends upon usage. like government can use Hybrid type so that some part can be accessed by public and some by government.

• Myth: Blockchain is same as Cryptocurrencies.

  Cryptocurrency is not Blockchain instead it's a application of blockchain. On the other hand, blockchain is not specifically intended for cryptocurrencies. The applications of blockchain in healthcare for streamlining medical data and better administration prove the same.

• Myth: Blockchain Technology Will Bring Groundbreaking Changes in the World

  Blockchain technology is being painted more than it should be. A practical impression of blockchain’s capabilities is the immediate need of the hour. So, it is essential to note that while blockchain has the potential to change the world, it is still far away from achieving that objective.

• Myth: All Transactions on Blockchains are Anonymous

  The blockchain records only the public addresses of the wallets while avoiding disclosure about the name of the wallet owner. However, recent reports have shown that the use of cryptocurrencies for making payments for illegal activities could be traceable. If anyone can link the public address of the wallet with the real-life identity of an individual, then the former can trace the entire list of past transactions.

• Myth: Cryptocurrencies without blockchain technology does not exist.

  IOTA is cryptocurrency which is not built using BLOCKCHAIN. It uses a Directed Acyclic Graph (DAG), a form of distributed ledger technology.

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