Question

Please no plagiarism and must be in your own 500 words

the concept of Blockchain. There is still much confusion regarding what Blockchain is and what it is not. Please discuss your explanation of Blockchain to include why it has been gaining so much popularity.

Answer 1

What is Blockchain?
Blockchain is a type of record-keeping technology its name gives away its USP. In simple terms it's a chain of blocks, these blocks hold data and provide a safer and easier way of storing and retrieving data.

Structure of Blockchain?
Blockchain, the idea was first floated in 1991 it went by mostly unused
until it was adapted by Bitcoin in 2009 to create a digital cryptocurrency.
To understand how blockv]cahin we have to dive deep and analyze piece by piece.
A block consists of certain data, the hash of the data, the hash of the previous data.
The bitcoin block for example has 1)From: sender 2)To: Reciver 3)Amount.
A hash is like a digital fingerprint which gives each block a unique identity. The hash changes if any change is made to the block.
Now, the hash of previous data is what makes the blocks interlinked like a chain.
A single block on the Bitcoin blockchain can store around 1 MB of data. Depending on the size of the transactions, that means a single block can house a few thousand transactions under one roof.
How does it work?
When a block stores new data it is added to the blockchain. For a block to be added to the blockchain, however, four things must happen:
1)First the data is created.
2)The data is verified.
3)The data is stored in a block.
4)That block must be given a hash.
How secure is it?
Blockchain has several security measures to protect from data tampering.
The idea of hash is to protect the integrity of the chain, if data of a block is tampered with its hash would get modified and other blocks would not be able to link with it. Another way blockchain is secured that it uses
the method of proof-of-work. It slows the process of creating new blocks. This makes tampering hard if you change one block then we need to prove the work of all other blocks.
Blockchain doesn't use central management it uses a Peer-2-Peer transmission network. Anybody who joins a blockchain gets a copy of the blockchain. Anyone inspecting the Blockchain is capable of seeing every transaction and its hash value. Someone using the Blockchain can be anonymous if they wish or they can give their identification to others. All that you see on the Blockchain is a record of transactions between Blockchain addresses.
Why is it popular?
With the surge in popularity of Bitcoin the popularity of Blockchain has also skyrocketed. Some reasons for its popularity are:
1)It's cryptographically secure
2)It's decentralized structure.
3) It's completely automated.
4) Ease of accessing/retrieving/storing data.