What is Blockchain ?

Blockchain is basically a technique to store information or the data in a decentralized manner .

Decentralized :- It means that, there will be no central government to control the entire data or information.

For example:- RBI is the central authority for Indian currency. If it wants, it can change the currency value from 500 Rs to 501 Rs. But whereas in BITCOIN, there is no central authority controlling it. It is because Bitcoin is based on Blockchain which makes it decentralized.

How does Blockchain Store Information?

Information can be stored in various ways like writing it on a paper, excel sheet etc. But in Blockchain, data is stored in the form of blocks. Each block has its own fingerprint called as Hash (It is a way to identify a block among others). And each block stores the hash of previous block. This is how all the blocks are linked together.

Is Blockchain Secure?

The most unique thing is that, if you try to tamper the data of a block, then the hash of that block will change. Which means the hash of the next block will also change because each block stores the has of the previous block. Like this the whole chain will be destroyed. For this reason, Tampering of the data is next to impossible in Blockchain.

The second major reason why Blockchain is secure is that, Blockchains are stored in a network of computers. So all the computers around the world which are participating in blockchain will have one copy of this blockchain. Those who allow the blockchain to run on their computers, they are known as Nodes . Some nodes among them are called as Miners . Whenever new data is added to the blockchain, it is the work of the Miners to verify it, whether the person adding the data has done it properly or not, or whether is it an attempt at tampering. All miners verify and record this.

What about Privacy ?

Blockchain is not only secure but it is also Privacy protected. It can be because, each computer present in the network has its own Private key and a Public address . So the Private Key won't be shared to anyone.

Real Life Implementation:-

1) Blockchain can be implemented in Voting process. A country named "Sierra Leone" in West Africa used blockchain for its voting process.

2) Blockchain is used in Cryptocurrencies, NFTs etc.

3) It can also be used to store the Medical Records of patients.

Future Scope / Conclusion :-

Most of the applications will be built using Blockchain Technology in the future as they will be more secured and privacy focused.