Blockchain! Some people may find the name strange and complicated, and curiosity begins to creep in to them to find out what is a blockchain network? Well, simply, BlockChain technology can be defined as a technology that gives a company or a person the right to transfer information or transactions of value to someone in a secure manner and without the need for an intermediary person. Blockchain technology is stable, decentralized and transparent.
What is the concept of blockchain?
The blockchain appeared in 2009, and at that time it attracted great interest from the pioneers of the Internet, whether from ordinary users, programmers, or even investors. It was called the “BlockChain” revolution, and despite the passage of many years since its invention, it still has Much interest, and many have tried to find out the weaknesses of the technology in unsuccessful attempts to break it and decode it, which proved the power of the technology well.
The technology was initially an idea that belonged to a person or group famous under the pseudonym Satoshi Nakamoto, but with the passage of time it began to develop little by little, and the blockchain is considered a cryptographic technology, that is, it consists of data and information, as well as money that is circulated and traded through unknown sources that cannot be known. .
The blockchain is a compound word made up of two words, namely block and chain, which is a chain of blocks. Therefore, the blockchain can be defined as a collection of records or what is known as fixed blocks of information and data, and they are controlled and supervised through the use of computers, but it is required that they are not owned. For any party, person, or entity in general, the network secures and protects the data chain and is linked to each other through the use of some coding principles.
The blockchain network is not subject to any central authority, but is completely independent in its own right, as in the end it is a shared record that cannot be changed or modified, and the information on the network is open and available to anyone who wants to see it, hence we can say that anything is based on blockchain technology It is mainly characterized by high transparency.
There are many transactions that take place on the blockchain, and these transactions are free and there is no direct cost to them, and it is a technology aimed at storing digital transactions, verifying their validity and licensing them over the Internet with a high level of security, and it is characterized by a high degree of encryption, making it impossible to break and solve it.
The blockchain has gone through 4 development phases to date, which include:
The first blockchain development stage:
The second blockchain development stage:
It was known at the time that the technology used in the Bitcoin currency could be easily separated and resolved from the currency and could be used in all other types of currencies that are used between different institutions and agencies.
Third blockchain development stage:
Then a second generation of blockchains appeared called Ethereum, and smart contracts are self-executing contracts, and the platform now has a high market value.
Fourth Blockchain Evolution Stage:
It is the most modern stage of blockchain technology and is called Proof of Stake, and the current generation of the technology is protected by proof of work, and it has many uses and advantages of its own.