As the world is moving forward, things are moving forward as well and when we talk about things then we can also mention all of the counterparts that move along as well. Take the thievery for example, as many times did the security increase, the art of thievery learnt how to break the code. For every hacker there’s an anti-hacker as well. Since all of the finances of the world were too much to handle, human kind trusted computers with the banking and transactions, because they’re quick, they hardly make mistakes and are somewhat discrete as well. But still, all those transactions that are flowing in tons need equal amount of security and that can be accomplished only with the help of a complex yet simple system that arose and got known as Blockchain.
But since the day it has stepped in the market, everyone has pretty much the same question and that is, its mechanism. What makes it so impenetrable. What is in there that is taking care millions of transactions every single day. Let’s find out.
The Background of Mechanism
Before we even explain how it works you need to understand that what makes Blockchain impossible to breach is because of its distributed ledger and decentralized database. Blockchain allows consumers and suppliers to connect directly, removing the need for a third party.
Mechanism in Practice
So if we take the tech in the field of Bitcoin then it has been useful in keeping a record of every single transaction and it also on the same time stops the same bitcoin to get spent more than once, this takes a good care of the flow and also makes sure too much withdrawal doesn’t become a problem for anyone.
The Chain Process
If it is described easily then it all starts with a person A wanting to send money to person B. The entire transaction online is represented in shape of a block. Later that block is broadcasted to every single party that is present on the network which actually makes the system very transparent, something the users really believe in. Those who are in the network actually approve the transaction and also make sure if it is valid or not. Once the authentication is done the block then can be added to the entire chain.
It alternatively provides an indelible and transparent record of the transaction, which of course is the beauty of the system. When this entire chained process is done the move of money becomes successful.
What makes it invincible
If we need to find a word that actually can describe the invincibility of blockchain then it’s a simple word “Decentralised”. Blockchain is actually like a string of which you can’t find an end and that is what makes it very impenetrable and still one of the main headaches for all of the hackers around the world.
Needless to say, it is a revolution. It has made a lot of things get changed from day one and now the technology has helped in putting money, goods and property right where they belong. Blockchain could also help to reduce fraud because every transaction would be recorded and distributed on a public ledger for anyone to see. One way or another, although it is the present of security, but there’s no harm in agreeing that it is also the future.