What is Blockchain? Things to know about Block Chain

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

What is blockchain?

What is BlockChain? As a ledger, well, this is the literal translation. Blockchain 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.

BlockChain 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 blockchains, not through an intermediary.

What is the structure of the blockchain?

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

Data section

This section contains data including transactions such as the sender’s information, the 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 blocks can be linked together to create effective blockchain chains.

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What are the pros and cons of blockchain?

What is blockchain, you must understand, however, to better understand it, we need to learn about the pros and cons of blockchain.

The advantages of blockchain

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

Disadvantages of blockchain

  • Many hackers start to ignore the blockchain when it is working effectively, in fact, more than 50% of the attacks on blockchains 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, they need to have a public key and a private key, which causes a lot of inconvenience in the process of using the user’s blockchain.
Attack on Block Chain to steal information

What is the blockchain classification?

Currently, the people classified blockchain includes 3 main parts: Public, Private, and Permissioned.

For Public Blockchain

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

Private blockchain

Unlike Public 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 in the blockchain.

Permissioned blockchain

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

What are the practical applications of blockchains?

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

Blockchain is used in many fields

Used in stock

Thanks to the blockchain, securities transactions can take place quickly, and 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 blockchains, one can offer to share and predict the outcome of events in the world accurately, making money by buying blockchain predictions. thorough user.

Identity management

There are more and more transactions online, so it is inevitable to manage identity on the Internet. Blockchains allow us to prove who we are, manage our 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 blockchain technology, people will know whether you can buy genuine or not, the origin of the product, and whether or not the product standard meets the requirements. Blockchains will help you check all of that in a matter of seconds, and blockchains will help you check the supply chain perfectly.

Major versions of the current blockchain

The current blockchain is divided into 3 mainstream versions:

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

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

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

Thus, we have just introduced you to the concept What is blockchain? And what you need to know about blockchain. 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 blockchain and related things.

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