Just like any other technologies, which has evolved over time, Blockchain is one of those modern technology following the same as others like how phones evolved. Ex-telephone> phone> smartphone> foldable phone also car evolution Ex-diesel cars> petrol car > EV car. in the same way, block chain also evolve like barter system> paper money> online banking> crypto currency> block chain ecosystem. it revolutionise the way data and money are shared and stored. it is currently the most secure technology for cryptocurrency like bitcoin, which is the future Digital currency. Many other industries such as finance, healthcare, supply chain, and even voting systems use this modern technology to make their data secured.
BLOCKCHAIN?
Blockchain ,the blocks in the chain, it is a digital balance sheet that collects and store all the information in blocks. These blocks are interconnected with each other, just like the coaches in the train, classes in the school, offices in corporate world or stitches of a wound, it’s just like that and these blocks are interconnected on any network in a chain on and shared into these computers. This make this so secure that it is not possible to hack and is transparent or visible to others.
HOW IT WORKS?
It works in a way that transactions which are happening it record every activity within the block. Suppose if Ankit send 1 bitcoin to Vishnu, this is what transaction is so, Blockchain will record it like when it happened> who sent it> who received it> how much was transferred, so these data’s will be stored in Blockchain permanently and can’t be change or delete.
WHAT IS HASHING IN BLOCKCHAIN?
Hashing is the process of converting any input data to fix length string of character using a mathematical algorithm. example- you put data into a machine, and then the machine gives you a unique digital fingerprint.
HOW BLOCKS ARE LINKED (BLOCKCHAIN STRUCTURE)?
The block’s include data(transactions) nonce(random number used in mining) previous block hash, current block hash. Every block stores the previous block’s hash, changing one block will change the entire chain.
Tampering in blockchain:-
Real Life Example
Block=Page in a notebook
Hash=Page number on books with the content if there is 1,2,3,4,7,8 is there but 5,6 is not but instead 11,12 is there so it doesn’t match anymore and 7,8 will no that there is some tampering happened.
This way blockchain detects tampering.
WHICH INDUSTRY USING IT, HOW?
So industries which are using Blockchain are banking, supply, chain, healthcare, real estate, retail, government.
Banking> fast payment> fraud reduction
Supply chain> product tracking> transparency
Healthcare> secure patient records
Real estate> secure property records
Retail> safe online shopping
Government> digital identity, transparent voting, public record safety.
CASE :THE MAN WHO LOST THE DRIVE-JAMES HOWELLS
James Howell is a British person who accidentally threw away a computer hard drive containing the private keys to a massive amount in bitcoin. He is not a billionaire yet, but the value that the lost bitcoin have before currently, having a lot of ups and downs, but it’s in the current time exceeding $1 billion, which in time if he have the drive or his keys, he must be the billionaire.
INCIDENT THAT OCCURRED
In 2013, this computer engineer James was cleaning his house and he found the drive of the laptop is in no use, so he threw away that drive. Later, he finds out that the drive which he threw have the private key to his digital wallet, with 8000 bitcoin, which he had mined in 2009 at the time when bitcoin was just introduced, and the crypto currency value is worthless.
THE WEALTH
The value of those 8000 bitcoin in Indian rupees is ₹ 81,81,459.82 and in US dollar that is $ 91,437.96 and because of fluctuation which is up sometimes have been reached billions, USD.
WHAT HE DID AFTER?Howells want that drive so badly that he spent a decade convincing the local council in Newport, Wales to let him dig and find that last drive within landfill site with tons of garbage.
OBSTRUCTION
Despite his request to the local authorities that has been denied because of environmental risks, legal challenges and technical difficulty of searching through tons of waste.
ONGOING STATUS
James did not give up of finding his drive. He got funding from investors assembled team of experts, which include AI and robot dog and he is not up to it only further he tries to buy the whole landfill of garbage from the council. It’s the private keys which are in those hard drive that have access to bitcoin and James is hunting that lost drive for past 10 years.
WHAT DOES CASE SHOWS?
“NO KEYS, NO CRYPTO”
This shows that blockchain do bring the decentralisation and giving user full access or control in their hand, but places responsibility too. James Howell story tells us how blockchain is crucial in terms of any mistake. It offers high security, but it also wants user to be fully responsible.
At the end in the world of Blockchain, “Your keys is not just access, but it is your lifeline” also ‘Not all lost treasures is buried in ground, Some of it is lock forever, in a code’.
Author:
Mr. Abhishek Sharma
Research Scholar
Co-Author:
Dr. Gaurav Petkar