What is BlockChain!

Blockchain is a new technical revolution of its kind that will change the world we know and also change the way we think and deal with money, it is the technology that was behind the idea of bitcoin, what exactly is this technology and how it works? If you are lost in complex definitions and terminology and looking for a simplified explanation, you are in the right place

What is BlockChain!

- What solutions has blockchain offered:

Usually after economic crises, studies and solutions abound to avoid them in the future and not to fall into them again after the global economic crisis in 2008, an unknown person named Satoshi Nakamoto launched the world's first digital currency based on blockchain technology and the awareness of bitcoin currency, Val Bluek Chain was first mentioned in 1991 by a study by a group of economic researchers, called Satoshi Nakamoto did not invent blockchain but created its first application (Bitcoin) and was the gateway to a technical revolution that has amazed the world so far

          What solutions has blockchain offered?  Imagine that you can transfer money directly to anyone in the world in a secure manner without a bank or broker in a short time and at a small fee or save your money with your own portfolio and not belonging to any bank, i.e. you are your own bank and you have full control over your money to transfer without third-party intervention (here we mean the bank) which is possible to cancel your transfers or manipulate, this is not the dream of the future, because it exists now thanks to blockchain, well what is blockchain

- BlockChain concept:

It is a database that represents a set of information that is stored electronically on computer systems, but blockchain differs from the database in the way it stores information, simply a series of fixed blocks of data that record information with blocks or (blocks) and are linked to each other by chain and managed through a network of computers that are not affiliated with anyone around the world, this blockchain is independent and not subject to any central authority because it is essentially a common and immutable record I mean if anyone does a new process, the block does not re-write or modify again, this change is recorded by a new block, for example, X changes to Y at a certain time.

- How does blockchain work?

Let's say you have an account with 10 Bitcoins and you decided to convert to Adam 2 Bitcoin, which has 1 Bitcoin account in the first block, when the conversion is formed a new block with conversion information, when you convert 2 Bitcoins from which a new block was formed, this block connects to the first block through a series that is difficult to penetrate or manipulate because it consists of codes and difficult mathematical equations and is present in all computers on the network, and this is one of the characteristics of blockchain which is its inability to change Of course, the process is verified through a network of computers from transaction data and the time it was done to the parties involved. In this case, you and Adam after the operation store this information with the digital signatures of you and Adam, of course each user of blockchain has two keys to the user's personal information, which no one can see from the user and a public key in information about the way to communicate with the user, with which correspondence is made through the block where the transfer information is located and has a special identification code and is added to the definition code of the latest block added to the block Chain, which has been added to the blocks that accepted it in the series.

- The process of recording information called ledger or ledger which shows transactions and transfers made from the first conversion to the last transfer in a cumulative way, of course the information in BlockChain is open and available to anyone to see it and therefore anything based on blockchain is by nature transparent there is something interesting, it is designed to be decentralized, decentralization prevents data manipulation and takes us to the property of the excellence of blockchain which is confidence before adding any new block to the series there are several A step that needs to happen.

           First of all there are difficult digital equations that must be solved in order to form a new mass, the computer that solves this equation shares the solution with all computers on the network this process is called proof of work all devices on the network will confirm the validity of this process and will save a new mass and add to the series, for example after I converted Adam 2 Bitcoin and became with his account 3 Bitcoin, Adam decided to convert to Aram 5 Bitcoin what will happen now? The process simply won't take place, and even if this block is supposedly manipulated, the rest of the devices on the network will compare it to the rest of the copies that it has and simply reject it, a process called Peer to peer, which is also an important feature of BlockChain, which is the cancellation of the argument between the two processes.

- BlackChain Pros:

In the digital world we live in, any transaction or financial or information transfer between two needs a minimum of confidence, right? When we buy anything from a person or company we do not offer what is inside our financial accounts and we cannot prove that it is the account for us, we do not have the necessary powers to do this process except through the intervention of the third party intermediary (bank, lawyer or money transfer company) to ensure the validity of this process, let us say that the bank in which we have an account is the one with our financial data and personal information and will confirm if this transfer is possible Or not, this process will take a lot of time and higher costs and can cancel the transfer for any reason such as a bank system failure, with BlockChain you can turn to Adam directly and at a fast time and your treatment will be protected by the need for a broker who reveals your personal information because what will confirm the information is the data history on the p2p network or the network and land

          Which consists of a group of computers that are not managed by anyone and there is no intermediary and there is no responsible entity, computers store information collectively and each device retains a full copy of the record and compare it with the copies on the remaining devices and any device can participate in the process of verifying the blocks and once the verification is formed the new mass is formed and kept in the record (ledger), here the conversion process has been made and added to the record with a new block unlike the bank it will manage and store the information In particular besides these features of BlockChain there are some drawbacks to it.

- BlockChain Cons:

There are some negatives blockchain such as difficulty or impossibility of changing data although it prevents manipulation and forgery, but if the change is necessary for the user will have a great difficulty and may be forced to dispense with the whole series, there is also another problem related to the private key, whose information must be confidential in case the user loses the information of this key here has lost his money in this account

       In addition to the problem of storage, energy and the great resources it needs, many economic analysts and followers believe that blockchain technology is very similar to the Internet at the time of its emergence and that blockchain has the ability to change many aspects of our lives, even some of them nominated Satoshi Nakamoto, the person who created Bitcoin for the Nobel Prize, and you what do you think is blockchain going to change our world?