What is Block Chain? Things to know about Block Chain

What is Block Chain? As a very HOT question on today’s social networks, the era of technology 4.0 has come, and everything works on the Internet world. As an Internet interested person, you probably want to know what Block Chain is?

What is block chain?

What is Block Chain? As a ledger, well, this is the literal translation. Block chain is essentially a database system that allows users to store and transmit huge blocks of information, these blocks of information are linked together thanks to encryption.

Block Chain stores and transmits huge blocks of information

Although they operate together, the information blocks are unique and always expand over time, the participants of the system will be the ones who directly manage the block chains, not through an intermediary.

What is the structure of the block chain?

Currently, the structure of the block chain is divided into three main parts:

Data section

This section contains data including transactions such as sender’s information, receiver’s information, number of coins to be sent.

The hash of the current block

The current block hashes do not overlap and have distinct identities.

The hash of the previous block

Thanks to this hash that blocks can be linked together to create effective block chain chains.

What are the pros and cons of block chain?

What is block chain, you must understand, however, to better understand it, we need to learn about the pros and cons of block chain?

The advantages of block chain

  • High security, so the situation of database theft or information correction will be very little
  • The information in the Block chain will not be controlled by one party, but thanks to the consensus mechanism of many parties.

Disadvantages of block chain

  • Many hackers start to ignore the block chain when it is working effectively, in fact more than 50% of the attacks on the block chains to steal information.
  • When things go wrong, modifying the data will be very difficult, so users need to consider carefully before deciding to correct the data.
  • When users want to access their own funds, you need to have a public key and a private key, which causes a lot of inconvenience for the process of using the user’s block chain.
Attack on Block Chain to steal information

What is the block chain classification?

Currently, people classified block chain includes 3 main parts: Public, Private, Permissioned.

For Pulic Blockchain

This is a system that the most ordinary person can access to read and write, however, to attack this system is not easy because its cost is huge.

Private blockchain

Unlike Pulic Blockchain, this is a blockchain system that allows users to read only data without writing permission. The right to write will be in the right of a third party, this party is considered a relatively important party and has almost full authority to decide every change of the blockchain.

Permissioned blockchain

This is a form of private but added many other features to ensure the trust of members participating. Permisssioned blockchain is a blockchain of choice for many people today.

What are the practical applications of block chains?

Any block chain created has its own separate applications, and below are the most practical uses of today’s block chains.

Block chain is used in many fields

Used in stock

Thanks to the block chain, securities transactions can take place quickly, accurately, especially, extremely saving intermediaries such as auditors and custodians, which helps businesses save money. quite a lot of operating costs.

Used in market prediction

When there are block chains, one can offer to share and predict the outcome of events in the world accurately, making money by buying block chain predictions. thorough user.

Identity management

There are more and more transactions online, so it is inevitable to manage an identity on the Internet. Blockchains allow us to prove who you are, manage your identity well, and not leak innocent information.

Supply chain inspection

The users of the internet age are smart users, because they not only make purchases but also check goods in many different forms. Through block chain technology, people will know whether you can buy genuine or not, the origin of the product, whether or not the product standard meets the requirements. Block chains will help you check all of that in a matter of seconds, and block chains will help you check the supply chain perfectly.

Major versions of the current block chain

The current block chain is divided into 3 mainstream versions:

Block chain 1.0 – this is the type of currency and payment chain block. This block chain will help applications in crypto-related jobs.

Block chain 2.0 – this type of financial and market chain block, this type helps to support matters related to finance, stocks, debt, property, contract …

Block chain 3.0 – this type is related to design and monitoring, this type of block chain is the highest of all the types of block chains on the market today. The application of this block chain relates to diverse fields such as education, health, art, finance …

Thus, we have just introduced you to the concept What is block chain? And what you need to know about block chain. In fact, this is a very new concept that requires more research and exploration to really understand this field. Hopefully the article has brought you the most useful information about the block chain and related things.

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