What is Blockchain?
Blockchain seems complicated, and it definitely can be, but its core concept is really quite simple. A blockchain is a type of database. You need to learn about database to be able to understand concept of blockchain.
Database:-
A database is a collection of information that is stored electronically on a computer system. Data in databases is structured in table format to allow for easier searching and filtering for specific information. Spreadsheets can also be used to store information.
Spreadsheet:-
Spreadsheets are designed for one person, or a small group of people. It is used to store and access limited amounts of data, Where database is designed for significantly large amount of Data which can be accessed, filtered, and manipulated quickly and easily by small or large number of users at once.
Blockchain :-
Blockchain is a system of recording Data in a way that it is Hard or impossible to change , hack or cheat the system.
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT).
Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.
Hash are functions or program to store data in a particular way which is different for each data or each collection of data. It is a simple way to encrypt data to store in database and make it safe from hacker attacks.
This means if one block in one chain was changed, it would be immediately apparent it had been tampered. If hackers wanted to corrupt a blockchain system, they would have to change every block in the chain, across all of the distributed versions of the chain.
Why it's hard to hack or temper blockchain?
Blockchains such as Bitcoin and Ethereum are constantly and continuosly growing as blocks are being added in the chain, which significantly adds to the security of the ledger. As per this as block chain grows more it us more complex or impossible to hack or temper the chain.
Why there's rumours that investment in blockchain is not safe?
We can simply define that blockchain is works only on investment. But why someone should trust on the owner or creator of blockchain. For example, if someone create blockchain of currency XYZ and you invest in that how can we trust that they won't take all millions of dollars, or steal your X dollars? But they created bitcoin which is extremely different.
Why bitcoin is safe??
Bitcoin was designed to solve the problem by using a specific type of database called a blockchain. Most normal databases, such as an SQL database, have someone in charge who can change the entries. Blockchain is different because nobody is in charge there. it’s run by the people who use it. If you are user of that then you can tell that you are the part of bitcoin blockchain and run that. What’s more, bitcoins can’t be faked, hacked or double spent. so people that own this money can trust that it has some more value.
