What you should understand to take element in any
Blockchain technology or debates are as follow:
1) What is Blockchain?
2) Knowledge on SHA256 Hash
3) Immutable Ledger
4) Distributed P2P network
5) How Mining Works
6) Consensus Protocol
What is Blockchain?
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The blockchain is now one of the best technologies of the
21st century. Blockchain now running essentially in the field of safety and
cryptocurrency. The Blockchain term defined by Stuart Haber and W. Scott
Stornetta the year 1991 in his article called "How to Timestamp Digital
Document”. This Technology becomes a hot subject when Satoshi Nakamoto
published a paper on the cryptography posting list at metzdowd.com representing
the Bitcoin digital currency in the year 2008.
Wikipedia provided a simple definition i.e. it is a
developing list of reports called blocks, which are connected and secured
utilizing cryptography. But it is much confusion from the above explanation.
Understanding SHA256 Hash
If you are coming from the CS/IT background you must have
studied in your curriculum. Since it is very difficult to explain the whole
algorithm in a few words but one can read like everyone have fingerprints which
can be used to identify a person, this same principle can be applied to
identify document also, using SHA256(Secure Hash Algorithm 256 ). It generated
a unique hash code for documents which contains 64 characters, each character
is 4 bit long since 64*4=256 bit memory space taken by this algorithm hence it
is called a SHA256 hash algorithm. This algorithm is not used for just document
it can be used for any file, media i.e. audio and video, executable file, etc.
You can use other algorithms also but it should satisfy the
following requirements.
1) One way
2) Deterministic
3) Fast Computation
4) The Avalanche Effect
5) Must Face Collisions
Immutable Ledger
Suppose you want to buy a home, what you do you pay money
and buy it but how you tell people that this property belongs to you. In
exchange for money, you get a deed which certifies that you are the owner. You
have to take that deed to a government authority where you registered your
home.
In the traditional ledger, we normally use written letter or
some excel sheet to register but it is not securable. Since if anyone hacked
the government system than he simply can temper the data.
So if we use the blockchain since every block is linked with
other hence if anyone tampered with one block it changes all the further block
and one can easily detect that somebody hacked the system.
Hence Blockchain Called as Immutable Ledger.
Distributed P2P Network
To achieve more security blockchain uses a distributed
network. The immutable ledger can be broken by a hacker if he calculated all
the hash value for all the block then we never know that somebody temper our
data and owner will lose their ownership plus all the data also be erased. In
the distributed network all the blockchain is distributed over every computer
and if one block updated than every block which is located on the .different
computer must be changed. If hacker able to change data than the entire
computer has to update that change since hacker change only one computer we can
compare from other computers and say that data was temper by someone.
So if a hacker wants to temper the data that he has to be
temper at least more than 50% computers data since than when comparison took
place than hacker will win and all computer agreed on that changed data. It is
next to impossible since it requires lots of computational power and
essentially it is not physible.
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How Mining Works
Mining is the method of discovering or producing new Bitcoin
i.e. combining a block in the blockchain.
In terms of Bitcoin, it maintains a public ledger that
contains past transaction, and mining is the process of adding a new
transaction to this ledger. In mining, we had to guess the hash value of
Bitcoin and it has a range in which Bitcoin’s hash value lies and we had a
nonce value which can be used to mine new Bitcoin’s since there are billions of
hash value hence it require lots of computational power and electricity. We may
pay around 5-6 lac rupees of the electricity bill for one day of the mining
process. Mining requires a high power computer and more importantly LUCK.
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Consensus Protocol
In consensus protocol, we have a certain check before a new
block or Bitcoin added in the blockchain it verifies various check value if it
passes from that then it will add the block. Hence any hacker tries to hack and
try to mine using the malicious way it protects the blockchain.
In the case of competing for a chain, it is the most useful
protocol. Competing chain means suppose two new blocks added simultaneously
that which is to be added in the entire computer. In this case, this protocol
plays an important role. In this case, we have to consider a block which has
the more computational power to generate hash value would be considered and
that block will be added to the entire computer and the other will be
discarded.
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