Blockchain technology is a new concept but rapidly growing industry. The blockchain is seen as the main technological innovation of Bitcoin, which was first conceptualized by Satoshi Nakamoto in 2008 as the core component in Bitcoin. Ever since, it stands as proof of all the transactions on the network. A block is the ‘current’ part of a blockchain which records some or all of the recent transactions, and once completed goes into the blockchain as permanent database.
Here’s how it’s blockchain works,
A block is the ‘current’ part of a blockchain which records some or all of the recent transactions, and once completed goes into the blockchain as permanent database. Each time a block gets completed, a new block is generated. They are linked to each other (like a chain) in proper linear, chronological order with every block containing a hash of the previous block.
Why is blockchain so special?
It is said that the blockchain cannot be controlled by any single entity and has no single point of failure since it’s launch.
The blockchain network automatically checks in with itself every ten minutes acting as a self-auditing ecosystem of a digital value, the network reconciles every transaction that happens in ten-minute intervals. While the data in embedded within the network, every computer tapped into the system stores a copy of this blockchain, and before a transaction can be made, the system checks that their version of the blockchain is in sync with all other versions in the network.
We all rely on the “username/password” system to protect our identity and assets online. Blockchain security methods use encryption technology. Its network lacks centralized points of vulnerability that computer hackers can exploit.
What’s more about Blockchian is that IBM has announced the idea of IBM blockchain last year with the project by the name of The Hyperledger Fabric Project, they are now ready for their primetime implementation built using that technology. The project includes other leading tech giants such as tate Street Bank, Accenture, Fujitsu, Intel and others.
With the highly secured and encryption of Blockchain, will this be the solution of IoT security concern? As this nascent technology is ripe with ongoing innovations, it is best to keep an open mind and expect new related-technologies to continue to emerge.
Source: Wikipedia and Invstopedia