In the today's world you have come across so called as the digital trust.Digital trust is the ability or the confidence
Block chain (part 1) THE DIFFERENT ASPECTS OF BLOCK CHAIN
In the today's world you have come across so called as the digital trust.Digital trust is the ability or the confidence of the particular user,technology or the processes that create the secure world.Digital trust is given to companies who have shown their users they can provide safety, privacy, security, reliability, and data ethics with their online programs or devices.
When we deposit money into a bank, we trust that the bank will not modify our accounts. Similarly, when we conduct retail transactions, we expect to receive adequate goods in exchange for the money we spend. By adopting blockchain, bitcoin and other cryptocurrency providers have removed the burden of trust from third-party financial institutions and placed it on the technology that sustains it.
The blockchain is nothing but the globally shared,transaction database.This mean that everyone can read the entries in that particular database.That mean it provide the transperency and the security to the particular user.If you do any transaction within that database no other transaction cannot alter it and if you want to do any changes within that database you have to do transaction that is valid or accepted by the others as well.
As we discuss above about the transction .It mean we done the transaction of something so it is some type of asset correct so in blockchain asset is a natively digital asset like Bitcoin or a digitalized traditional asset like digital gold, a stock or a title; where the record of ownership is recorded within a public or permissioned distributed ledger network.
In a simple language blockchain is the network of the computer that store the transactional data in replica across every pc node in the system.That condition of storing the data called is called the distributed ledger.This data is inserted in this ledger in the form of the intevale's called as a block.All block are the time stamped and its order and transactions are verified.This method of storing data in duplicate creates a chain of transactions or in other words, a blockchain.Blockchain transactions bring huge advantages in terms of transactional speed and transfer fees. A normal bank transfer can take a week to complete. The delays are the result of numerous third-parties operating verification system.
Distributed leder technology
This technology don't have the central authority that govern it.This is the method of the recording the data that data is of digital presence and store on the multiple places at the
same time.Difference between the DLT and the blockchain is that theblockchain has the particular structure that is maintain by the peer-to-peer network as well which make it more
distinct from other DlT.The DLT is ledger that distributed or spread through the several network and each node replecate and save the identical copy of the ledger.However, the
structure of the blockchain makes it distinct from other kinds of distributed ledgers. Data on a blockchain is grouped together and organized in blocks. The blocks are then linked
to one another and secured using cryptography.
components of the block chain
Blockchain is one type of a distributed ledger. Distributed ledgers use independent computers (referred to as nodes) to record, share and synchronize transactions in their respective electronic ledgers (instead of keeping data centralized as in a traditional ledger). Blockchain organizes data into blocks, which are chained together in an append only mode.
In this blog me introduce you the different aspect of the blockchian. Through you can understand the main concept of the blockchain easily. In this part we discuss about the
blockchian, asset, transaction and the DLT(distributed ledger technology).