An Overview Of Blockchain Technology - What You Need To Know.

What is Blockchain Technology?

Blockchain technology is a decentralised way of storing digital information in distributed blocks without being managed or controlled majorly by a third party. Breaking it down further, a Blockchain technology allows for the storing of information without being authenticated by a central head. This information is stored in multiple chain linked blocks in a cryptographic network of computers that shares information among themselves each of them independently validating each operation that's done on the network.

How Does Blockchain Technology Actually Work?

When an operation is initiated by a party, information about that initiated transaction is recorded and sent to the public network, every single computer checks to ensure that it complies with the rules and verifies it. 

Some Features of Blockchain Technology.

√ Decentralised.

Blockchain Technology is decentralised, a Blockchain technology has no central regulatory body or organisation that authorises operations made. In a Decentralised network, no one is entrusted with managing your data. Crypto currency for instance operates on Blockchain technology and isn't regulated by anybody making it accessible to the owners anytime. No organisation can restrict the amount of digital asset one can withdraw or send. In a Decentralised network, every form of resources is seen and collectively maintained by members of that network.

√ Immutable.

By being immutable, Blockchain Technology employs a technique that ensures that whatever operation that is done on a Blockchain Technology can't be changed by anyone nor can it be reversed after its been validated. In cryptocurrency for instance, any transaction made can't be reversed after it's been done.

Any data stored on any block can't be modified nor can the history of operations changed or deleted from public view. This especially is good news for organisations concerned with finance management and auditing as it provides a clear record for seamless inspection.

√ Higher Security. 

The way the blocks are structured and connected together makes it extremely difficult for information stored in any block to be corrupted. Since Blockchain is decentralised, it makes it hard for attackers to target a specific head there by getting access to the entire network. 

The way a Blockchain is structured ensures that any attacker trying to access any data block will have to break through all the blocks and this is impossible as these blocks collectively validate any operation for anything to work.

Some Disadvantages of Blockchain Technology.

Problem of Authorised Modification.

Since Blockchain doesn't allow data to be modified, it means that if there's any need to genuinely modify any stuff or make an adjustment, all the code has to be rewritten and this is no small task and generates expenses.

Slow Operations.

 When it comes to the traditional method of storing and retrieving data, the processes are faster than that of Blockchain. This is due to how authentication is done in a Blockchain by all the nodes involved.

Cost of Implementation.

Blockchain might have great vibes among the tech community and even look like the future of database systems, but it's very expensive to maintain and implement meaning that only few organisations are able to afford implementing Blockchain Technology at the moment.