{"id":553,"date":"2018-02-22T03:25:45","date_gmt":"2018-02-22T03:25:45","guid":{"rendered":"http:\/\/winklix.com\/blog\/?p=553"},"modified":"2018-02-22T03:25:45","modified_gmt":"2018-02-22T03:25:45","slug":"the-reality-of-blockchain","status":"publish","type":"post","link":"https:\/\/www.winklix.com\/blog\/the-reality-of-blockchain\/","title":{"rendered":"THE REALITY OF BLOCKCHAIN"},"content":{"rendered":"

There has been a lot of hype regarding the Blockchain. I have read about the blockchain removing the poverty and making the world corruption free with a lot of easy, but there is demography who has not heard about this revolutionary technology. Facebook, Flipkart, Instagram has millions of users but the general population does not know anything about the backend technology like database. Same is with the blockchain, everyone has heard of it, everyone has opinion about it but no one knows the backend process.<\/p>\n

However, there is a very good question revolving now-a-days which is \u201cWhat are the things which blockchain can do and other technology can\u2019t?\u201d Is it fair to compare this new technology to the past technologies?<\/p>\n

Concept of Blockchain<\/b><\/h3>\n
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The blockchain has a very fascinating concept of data immutability i.e. data is unchangeable. This is achieved by using digital signatures and hash functions. These hash and digital signatures were defined by the informational Technology Act of India in the year 2000. More often than not the blockchain are equated with the distributed database and software development frameworks. Blockchain are not just database, they are more than that. Blockchain is peer to peer systems of electronic cash in which network timestamps are used are done by hashing the current work. This record is immutable i.e. it cannot be changed without redoing the same work.<\/p>\n

Blockchain vs. bitcoin technology<\/b><\/h3>\n
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Recently big chain made the headlines for all the bad reason like money laundering, evasion of tax, financing of terrorism and organized crime. Its comparison is not good as the actual money; diamonds, gold were also used for doing wrong activities. So it is not good, as far as the blockchain is concerned.
\nThe basic idea behind the blockchain is that it runs on a set of global computers. It requires huge computational power and resource to mine the bitcoin and yes! Anyone can mine the bitcoin in expense of the resources like processor speed and memory. However, it will take a huge amount of time to generate the bitcoin. That is why supercomputers are used to generate them due to their high speed and memory.<\/p>\n

Everything about the private blockchain<\/b><\/h3>\n
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In today\u2019s times, there exists several blockchain in the world. However, anyone cannot be a part of the private blockchain. These private blockchain does not require computational resources like processor and memory. It requires permission to have access and control over it. Let us understand this concept using multi-chain which has 8 types of permissions explained below:<\/p>\n