What is Blockchain Technology? How It Works?
By TOI Staff October 21, 2022 Update on : October 21, 2022
Blockchain technology has made a profound on the worldwide financial system. It even has strong effects on our daily life. Blockchain is a technology that is primarily used to make a record of financial transactions.
So, what makes it different from traditional methods of recording transactions? Anything recorded with Blockchain is guaranteed to be safe from tampering and corruption.
How does Blockchain work?
Blockchain, as the name suggests, is a chain of blocks. In this chain, each block represents a transaction. A block can have the following data.
- Record of sender and receiver as well as the money involved in the transaction.
- A hash that acts as a fingerprint or unique id for a specific block. A hash is closely linked with the data stored in the block. If any data stored in the block is changed or tampered with, then the hash will also change.
- The hash of the previous block.
This Blockchain structure is one of the safest ways to store information in the world. It has at least three safety mechanisms that prevent any sort of tampering and manipulation almost impossible.
This is the first safety mechanism that guards against malicious tampering. Blocks in the Blockchain don’t allow any modification in their data by default. If a block is forcefully changed, its hash will also change a hash act as a fingerprint and a link in the chain. Every block records the hash of the previous block in the Blockchain. Any change in it effectively disconnects the block from the subsequent block in the Blockchain. A disconnected chain is evidence of malicious tampering.
Every new block added to the Blockchain needs to go through a complicated inspection process. This process is done by multiple computers separately. Then these computers communicate with each other to confirm their respective results.
If an overwhelming majority of computers approve of a block, it is added to the Blockchain. This process is extremely complicated, so every block takes about 10 minutes before it is added to Blockchain. This mechanism prevents any single person from arbitrarily adding blocks of their own accord.
Multiple working copies
Blockchain is not stored in a single computer or a single place. Instead, it is tens of thousands of copies stored on different computers all over the world. The reason for this redundancy and inefficiency is to increase the security and transparency of the entire process.
Data stored on a single can be tampered with, no matter how good of an encryption algorithm it uses. But even if someone modifies the Blockchain on single or multiple computers, it can’t do much damage. Every computer cross-examines its data with all other computers in the network.
If these computers find any discrepancies in their data, they automatically choose to believe the majority. So, if someone wants to really change the data of a Blockchain, they have to tamper with the data of more than fifty percent of all computers in that network.
What is the use of Blockchain technology?
Now a day, the primary use of Blockchain technology is in cryptocurrency. Cryptocurrencies are quickly becoming a modern trend. Currently, more than 1200 types of different cryptocurrencies are active on the internet. Most of them are of little value, but few are powerful enough to rival the world’s best currency systems. Through traditional methods, if you want to transfer money between two countries, it takes a lot of time.
Cross-country money transfers can take anywhere from one day to a week. And you have to pay the transfer charges as well. All this makes sending money at an international level a little difficult. Cryptocurrency, on the other hand, solves this problem specifically.
Transferring money through a cryptocurrency like Bitcoins, Litecoin, or dogecoin only takes one to a few hours. This is undoubtedly much faster and more convenient than other options. Another benefit of cryptocurrency is anonymity.
Cryptocurrency provides complete anonymity. It is nearly impossible to track the transactions done through cryptocurrency. Because of this, cryptocurrency has become a preferred way of money transfer for people working in gray and black areas.
How do criminals use cryptocurrency?
Cryptocurrencies like Bitcoin all you to do monetary transactions from anywhere around the world with complete anonymity. Because of their anonymity, criminals and crooks like to use them to sell and buy things on the internet.
You can buy anything like drugs, guns, restricted items, etc., on the internet through Bitcoins. Aside from physical items and porn, information is the hottest item on sale in these markets. Many people and agencies collect personal data about various people and sell it on the dark web.
Interested organizations and individuals then buy this data. Usually, scammers and hackers are interested in people’s personal information. There are even websites where you can buy stolen credit cards.
While most of these websites are on the dark web, you can find a fair few of them on the regular internet. Briansclub CCV is a famous website that sells stolen credit cards. Every year millions of credit cards are sold on this website, and this process has been going on for many years.
How to get a Briansclub Login?
You can quickly get Register an account and get a Briansclub Login in a few simple steps.
- Go to brlansclub.cm
- You will get a Briansclub Login page. If you don’t already have an account, click Register.
- Now insert a unique username and password. You can insert your email address if you want, but that’s optional. Enter the captcha, agree with the terms of service and click create an account.
Now, if everything is alright, your Briansclub Login is already created, and you are on the dashboard.