Blockchain- The Quick Fix 🖥️
Blockchain technology, Case Mania- The Learning Forum
Welcome to Rubric's Newsletter
We share a weekly email newsletter talking about some unconventional topics and keynotes that makes a lot of noise on the internet.
Sign up to experience the best-curated content here!!
Blockchain- The Quick Fix
The goal of web3 includes
building a trustless infrastructure,
removing the intermediaries,
giving users power and ownership on their data, identity, security, and transactions.
The quick fix to this is Blockchain.
The concept was introduced back in the 1990s but came into the picture in 2009 with Bitcoin. Blockchain is a technique to store information. It is a distributed database that is shared among the nodes of a computer network in the form of digital blocks. Every block contains some digital information and is inter-connected and inter-related with the adjacent blocks. Thus, building a complete chain of blocks.
Each block is divided into three parts
Data- the input that the user wants to store on the network. it can be anything like a record, transaction history, crypto-currency, etc.
Hash- the code is created by a mathematical function that turns digital information into a string of numbers and letters. If that information is edited in any way, then the hash code changes as well. We can uniquely identify the block with the help of hash
Hash of the previous block
This makes blockchain technology very secure and reliable. The new blocks are always stored linearly and chronologically. They are always added to the “end” of the chain. After a block has been added to the end of the blockchain, it is extremely difficult for a user to go back and alter the contents of the block unless a majority of the network has reached a consensus to do so. With such a vast network, achieving a majority is next to impossible.
Blockchain is a reliable way of storing data. It can be used in all the sectors that focus on data accumulation like healthcare, banking, food industry, etc.
Announcement 🎤🎤
Do you want to be the know-it-all of those finance and marketing topics that are discussed all around? But you don't know how and where to start? 🤔
Don’t worry…
Rubric is here with the Case Mania 📈- A case study analysis forum discussing various topics which are less known to us!!
Register for free- Link
Loved it! Great writing, making very easy to understand