What is Blockchain? Better Robotics or blockchain technology?

Blockchains are a new data structure that is secure, cryptography-based, and distributed across a network. The technology supports cryptocurrencies such as Bitcoin and the transfer of any data or digital asset. Spearheaded by Bitcoin, blockchains achieve consensus among distributed nodes, allowing the transfer of digital goods without the need for centralized authorization of transactions. The present blockchain ecosystem is like the early Internet, a permissionless innovation environment in which email, the World Wide Web, Napster, Skype, and Uber were built.

• The technology allows transactions to be simultaneously anonymous and secure, peer-to-peer, instant, and frictionless. It does this by distributing trust from powerful intermediaries to a large global network, which through mass collaboration, clever code, and cryptography, enables a tamper-proof public ledger of every transaction that’s ever happened on the network.
• A block is the “current” part of a blockchain that records some or all of the recent transactions, and once completed, goes into the blockchain as a permanent database. Each time a block gets completed, a new block is generated. Blocks are linked to each other (like a chain) in proper linear, chronological order with every block containing a hash of the previous block.

How is it different from current payment systems?

Blockchain technology allows for instant recognition of the exact size of the block by all transacting parties in the chain since the block is simultaneously updated on all their databases, and has unique security features that do not allow tampering with the definition of the block.

• In addition, each block’s movements across the chain have the ability to be verified by all parties in the chain since the block carries with it the digital imprint, or ‘signature’, of wherever it has been.
• Therefore it creates instant trust without having to rely on a series of trustworthy banks to clear cheques. Here, various parties transacting regard their reputation as being more important than reneging on it. Unlike the traditional banking system, cash transactions here are undertaken immediately.

Benefits of blockchain technology:

• As a public ledger system, blockchain records and validate each and every transaction made, which makes it secure and reliable.
• All the transactions made are authorized by miners, which makes the transactions immutable and prevents them from the threat of hacking.
• Blockchain technology discards the need for any third-party or central authority for peer-to-peer transactions.
• It allows the decentralization of the technology.
• Some telecom firms in places such as India and Kenya are already using their networks to help people settle cash transactions, but these are proprietary and meant largely for poor and underbanked areas with considerable mobile penetration.

Concerns associated:

• Blockchain is still a (relatively) new technology and is not without its problems. For a start, there are ongoing concerns about privacy in the settlement and storage of securities — blockchain providers are working hard to address.
• Banks are also a threat with blockchain since more and more firms (using their IT service providers from India and elsewhere) will build systems that can create and exchange ‘blocks’ with one another completely legally, without ever having to use the banks as a financial intermediary.

Applications of this technology:

There are applications for blockchain outside financial services as well. A ‘block’ could be defined as the anything-a unit of services, products, raw materials-the list is endless.

Blockchain is an undeniably ingenious invention -

It is often referred to as the “ Next Generation of Internet”.

Generally defining, Blockchain technology is a shared, immutable global public ledger for recording the history of transactions. It fosters a new generation of transactional applications that establish trust, accountability, guarantee, and transparency.

In the case of Cryptocurrency or to be specific in the case of, the first product on Blockchain technology, Blockchain is a public digital/online ledger of all the Bitcoin transactions that have ever been made. It is like a bank statement/passbook which records all of the transactions.

A block is the ‘current’ part of a Blockchain which records some or all of the recent transactions, and once completed goes into the Blockchain as a permanent database. Each time a block gets completed, a new block is generated. There is a countless number of such blocks in the Blockchain.

So are the blocks randomly placed in a Blockchain?

No, they are linked to each other (like a chain) in proper linear, chronological order with every block containing a hash of the previous block.

To make it easy to understand, consider each block of Blockchain like a page of bank statement/passbook which records all transactions and as soon as a page in bank statement/passbook is completed, a new page is used for recording transactions. Obviously, these pages are stored chronologically which saves the transactions from oldest to newest, the same is in the Blockchain.

So the Blockchain is constantly growing, as ‘completed’ blocks are added to it with a new set of recordings forming a chain of block and hence the term, Blockchain.

At last, a blockchain is a kind of independent, transparent, and permanent database coexisting in multiple locations and shared by the public. This is why it’s sometimes referred to as a “Mutual Distributed Ledger (MDL)”.

Who records the transactions?

A novel solution accomplishes this task of recording transactions without any central authority. Maintenance of the Blockchain is performed by a network of communicating nodes(computers connected to the bitcoin network) running Bitcoin software or simply called

Each node (computer connected to the Bitcoin network using a client that performs the task of validating transactions) gets a copy of the Blockchain, which gets downloaded automatically upon joining the Bitcoin network. The Blockchain has complete information about the addresses and their balances right from the first/original block to the most recently completed block.

How are the transactions Recorded?

Suppose Sania sends X amount of Bitcoins to person Mahesh, this transaction would be broadcasted to the Bitcoin network using readily available software applications. Now, the nodes(computers that are connected to the bitcoin network) can validate this transaction, add them to their copy of the ledger, and then will broadcast these transactions which are recorded in a ledger to other nodes, so that they can validate it too. Thus multiple, validations by nodes makes Bitcoin transaction a very safe and secured transaction. Also, this procedure allows Bitcoin software to determine when a particular bitcoin amount has been spent or a transaction has taken place, which is necessary in order to prevent double-spending where there is no trusted central authority to authorize it.

As mentioned earlier, nodes are simply computers that are programmed to function in the Bitcoin network through some software. These computers are placed by persons who are called Miners in bitcoin terminology.

Miners install computers in the Bitcoin network for validating the transactions in Blockchain.

As a bank clerk is rewarded financially for his duties performed in the banking system, a miner is rewarded with bitcoins for performing mining.

With every block, a mathematical problem is linked. Miners(mining nodes) constantly record and validate transactions in a block and then solves the mathematical problem in order to complete the block. The First miner to complete a block is rewarded with Bitcoins by the Bitcoin software program. Also, as soon as the mathematical problem is solved, the answer is shared with other miners and then it is validated by them. It’s like the mining nodes or miners are in a race to “Complete the current block” in order to win Bitcoins.

This payment of Bitcoins as a reward to the mining node by the Bitcoin program is the first transaction that is recorded in the next block.

A mathematical problem is linked with each block. Miners are constantly processing and recording transactions as part of the process of competing in a type of race. They race to ‘complete the current block’ in order to win Bitcoins. When a winning miner is able to solve it, the answer is shared with other mining nodes and it is validated. Every time a miner solves a problem, a newly minted 25 BTC (Bitcoin currency symbol) is awarded to the miner and enters the circulation. The first record in that next block is a transaction that awards the winning miner (who completed the previous block) the newly minted BTC. It is the difficulty of the mathematical problem that regulates the creation rate of new Bitcoins since new blocks can’t be submitted to the network without the answer. Based on the fact that it takes around 10 minutes on average to solve the problem, approximately 25 new Bitcoins are minted every 10 minutes.

Uses/ Applications of Blockchain Technology.

At present. Blockchain is famous for being the underlying technology of Bitcoin, the world’s first decentralized cryptocurrency. But apart from cryptocurrency, Blockchain Technology can be also prosperous for the following:

1. Financial sectors
2. Contracts,agreements,registeration certificates, certificate of transfers,etc
3. Music and Entertainment
4. Healthcare
5. Real Estate
6. Other intangible assets like patents, licenses, copyrights, trademarks.

Obviously, the function of blockchain technology for different sectors would be different but the core idea would remain the same, i.e., storing and validating the transactions on a distributed public ledger secured by encryption and cryptography. We suggest our readers go through our “Blockchain” section to read used and applied cases of Blockchain technology.

involves identifying opportunities to automate tasks, that may be repetitive or opportunities that can augment a human by pre-processing information to ensure humans spend their time on value addition, then manual tasks that take a lot of their time. RPA in tandem with other technologies can prove to be even better. E.g. Extraction of data from a PDF for verification be accomplished by Computer Vision — OCR — Machine Learning (Or Dictionary) -RPA (plug extracted data to Enterprise IT & Verify).

is an amalgamation of many technologies such as peer to peer, Internet protocol, cryptography elements, data replication, consensus protocols, digital signature schemes, and decentralized application architecture. It is a whole new way to approach a business problem. If implemented in an appropriate use case/value chain, Blockchain can be a game-changer owing to the salient features of this technology. I led a feature team of developers from India, France, UK, Thailand, Switzerland, and the Netherlands in Agri Commodity Trading between the US and China and we saw a 5X improvement owing to the use of Blockchain. Blockchain is a great tool in Digital Transformation to remove any friction in the system and can completely redefine a process and remove unnecessary actors/elements.

Originally published at https://www.sarkariresult25.com.