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‘Blockchain’ is just another Hype!

Updated: May 4, 2022



















“Blockchain!” Sounds like a critical term right! It’s very easy to understand. In simple words, Blockchain is a digital system of recording information in a way that makes it difficult or impossible to hack, change or cheat the system. In today’s world, what is most important? Yes! Accurate Information and safety. Blockchain is ideal for providing accurate information stored on the immutable ledger that can be accessed by permissioned members only as it’s a decentralized platform. For this reason, Cryptocurrency is monetized and organized by this technology.

How does Blockchain work?

The main difference between normal databases and Blockchain is the structure of the data. Blockchain collects information together in groups, which are known as blocks. Each block in the chain contains several transactions and every time a new transaction happens, a record of that transaction is added to every participant’s ledger. In most normal databases such as SQL databases, Data can be manipulated, altered, or deleted easily but these actions can’t be done on Blockchain which is why it’s called DLT(Distributed Ledger Technology). DLT is a protocol that enables the secure functionating of a decentralized digital database.

Why is there so much hype about Blockchain?

Blockchain was popularized by a person (or a group of people) named Satoshi Nakamoto in 2008. Many people have tried to create digital money in the past but failed because the main issue with currency is trust. If someday I’ll make a currency named the B dollar, will you believe me? No right! Because of the security purpose, I’m a third person so you won’t believe it. Then there comes Blockchain. It is a very secure Peer-to-Peer network. It’s run by people who use it, none have permission to manipulate it. So here comes a question

Is the Blockchain secure?

Blockchain technology achieves decentralized security and trust in many ways. It is a type of DLT in which transactions are recorded with an immutable cryptographic signature called Hash. Let’s think a hacker is trying to hack. A 51% attack is known as a majority hack. When a person or a group gains 50% of a Blockchain’s hashing power, A 51% Attack happens. But as the blockchain grows and acquires new mining nodes it makes the chances of a 51% Attack less likely because the cost of performing a 51% attack rises with the network hash rate. Due to the size of cryptocurrency and how fast it is growing, the cost to pull off would be unassailable for a hacker and the hacker has to expend a huge amount of computing power to achieve a 51% attack. Even if the attacker can reach above 50% of the hash rate, the size of the blockchain still can provide security because blocks are linked with each other in a chain. Overall, it’ll not just be an expensive attempt but also fruitless.

Finally, Can we say “Blockchain is the future”?

From Crypto-enthusiasts to business minds, Blockchain is the solution to many problems now. This technology remains a quickly growing area of growth for companies. It can help us in many ways such as

  • Cross-Border payments — Blockchain technology can provide a faster and cheaper alternative to traditional cross-border payments.

  • Smart Contracts — Smart contracts are applications of Blockchain which is very futuristic because they are entirely self-executing and self-enforcing.

Other than these, it helps in the Supply chain, Identity management, and many other things. So, undoubtedly, we can say Blockchain is going to be our future.

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