1. The Block Chain concept is defined as the database which is used for managing the various set of computers that are connected in a network in Peer-to-Peer manner.
2. In this arrangement each computer is refer as a node from which we can operate a task.
3. In some of the cases it is also behaves like a distributed ledger.
4. A distributed ledger is a decentralized way to chronologically document transactions that are the participants in the network.
5. As we know that the data is a collection of facts and figures. A raw data may be getting meaningful or meaning less. It when supposed to undergo through the processing then only the meaningful information is coming out of it.
6. When a transaction is getting occur and recorded then the account of all the participants who are present in the network are get automatically updated.
7. Here in this process the transactions are grouped together in block and each of the block is get linked to the one that come before it.
As the technology is going to be Advanced day by day ahead, so we need to understand the importance of Block Chain, and its application strategy using which it can be able to provide the solution to the problems. Here I am going to discuss some of the important facts about the Block Chain in details that one should need to know.
What is Data base
To define the concept of data base we need to understand first about the data. A data is a collection of facts and figures. A raw data may be getting meaningful or meaning less. In better way we can say that the data is a quantities, characters, or symbols on which operations are performed by a computer. When we are going to process the data then they may be getting stored and transmitted in the form of electrical signals and recorded on magnetic, optical, or mechanical recording media.
If we are going to discuss about Database, then it is a collection and arrangement of data that is present in huge in volume/ quantity? it always growing exponentially with time. Of course, when the volume of the data get increases then the complexity associated with the data is also got increases. So, the Database is a collection set of data with huge, large size and complexity that none of traditional data management tools can be able to store it or process it efficiently.
When we are going to discuss about the Data then we come across several things. We may take those as a kind of Data examples. Social media applications like Facebook, Twitter, WhatsApp etc.
Working Ability of Blockchain:
1. As we have discussed before, it is a database which is being used for managing of peer-to-peer network of computers.
2. Here it is referred to as nodes. Sometimes it can also be described as a distributed ledger: a decentralized way to chronologically document transactions.
3. When we are focusing on its working ability then here it is assumed as if two parties agree to a transaction, then this information is then broadcast to the computers (nodes) of the peer-to-peer network.
4. In this network the information’s that we are transferring are going to be validated.
5. So, once the respective transaction is got verified then it is added to a block together with other transactions and hashed.
6. Here the Hashed is used to provide the reference to every block that came before it.
7. This guarantees the position of the block in the chain and ensures that it cannot be tampered with.
Now once the process is get identified then the new block is then permanently get added to the blockchain and we say that the transaction is now completed.
Working strategy of Blockchain
Implementation of Blockchain:
A Blockchain can be get implemented in many ways as per the requirement and their mode of use. Here we can’t say that just one single block chain is get used by everyone. Because it is not a software program or a kind of product. In most of the cases when we need to implement the concept then it can be get implemented by comparing to middleware in that blockchain itself. It should be get noted that it has no real value. Here the value is created only when it is used in conjunction with suitable applications.
Types of Blockchain:
1. Private Blockchain.
2. Public Blockchain.
Types of Blockchain network
When we are going to analyze their working ability then they are used to work in a same fashion. But the main difference is who is allowed to participate.
When we are considering the public blockchain then it is open to anyone who wants to be part of it. But the disadvantage Is that here if the large number of participants are get found over the channel, then the verifying transactions takes more time. Bitcoin is a well-known implementation of a public blockchain.
On the other hand, if we are considering the Private blockchains, then it is get controlled by one entity. Here the main entity will decide who is allowed to participate. Here the main entity may also set up rules and regulations to govern transactions if it is get required by the system. It should be get noted that the transactions are generally conducted faster than the Public Blockchain because of the limited number of participants are get present over the channel.
Blockchain provides a rid of intermediaries:
1. In contrast to above if we are trying to corelate then in Blockchain the data don’t have any fixed format for their representation like the structured data always.
2. Most of the data which we are used to receive form the various sources like social media-based application, Digital, Video, QR Geo-spatial are unstructured as they have no common format for their representation.
3. The Blockchain always used to create the very trust it requires to function.
4. Here in this process it is used to allow the participants to transfer assets directly among themselves without any hidden layers.
5. Sometimes as per the requirement it also makes possible to quickly prove who has the ownership of a specific asset.
6. Here in Blockchain the each block is secured by cryptography technique so it is almost impossible to manipulate transactions recorded in a blockchain for anyone.
7. The Blockchain goes beyond virtual currencies like Bitcoin.
8. The Bitcoin and Blockchain are not same. The Bitcoin is used to refer as a cryptocurrency (Virtual) where as the Blockchain is a tool that is used to make Bitcoin viable.
Functionality of Blockchain:
1. For better understanding the concept of Blockchain data and its relevancy we can take the example of cases of Peer-to-Peer network.
2. The Blockchain is decentralize and more reliable and it do not support the concept of central point where the data is to be get stored.
3. It should be get noted that when we are using this concept then a copy of the blockchain is get saved on all the computers of its participants those who are going to use it.
4. Here the decentralized properties of Blockchain ensures security and reliability up to great extent.
5. As there is no single point of failure for hackers to attack and steal the data or information over here.
6. The blockchain concept is usually get managed by its participants. Here no one entity has authority over the blockchain as a whole, and thus it is very reliable and secure.
7. It is used to provide the transparency and thus do not necessarily have to be, anonymous.
8. Here if we are going to analyze the Bitcoin then it is always used to have a unique Bitcoin address. Using this address, they can be linked to their personal information in different ways.
9. The Blockchain is also used to enables smart contracts.
10. When we are considering the smart contract then it is a computer protocol that facilitates transactions and makes sure that the terms of a contract are met.
11. The Blockchain has use cases in the IoT and many more relevant cases.
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