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In this video we are going to talk about blockchain technology and everything about it.
Since many claim that blockchain is Bitcoin but it is much more beyond crypto currency.
Blockchain was founded in 1991 and it’s application was first used by Satoshi Nakamoto who is still unidentified.
Blockchain is a set of computer network which is used to provide all information publicly and to it’s users. This is why it is called public distributed ledger. Blockchain is the chain of blocks where blocks consist generally three things
3. Previous hash
And those who add blocks in blockchain are called miners. To add blocks in blockchain requires a lot of computing power and energy since it is secured by higher cryptographic or mathematical puzzles so it is hard to hack blockchain because to hack blockchain you’ll need to change or remove every block and this requires so much energy and computing power so it is almost impossible to hack it. This is why it is called immutable. Even if you hack and change the data of any block , it will become a new block and only after the verification of all users it could be added in blockchain otherwise it’ll be removed. This is called consensus protocol. Blockchain can be used as a decentralized or unregulated platform or it could be used as a regulated platform where last verification will be in the hands of selected authority. It can be public private and Hybrid. Although blockchain has many challenges since it’s information can be manipulated and many times hackers hacked it.
Since it’s quite revolutionary technology and will change many things so many industries like insurance banking hospitality aviation and many others are trying to implement in in their respective fields.
1:51 Historical concept of blockchain
2:32 Problems in previous system
3:49 What is blockchain
4:40 How blockchain works
6:08 can blockchain be hacked
7:48 Who controls the blockchain
8:13 Types of blockchain
8:39 Challenges of Blockchain
9:09 Future of blockchain and conclusion
Can Blockchain Technology Be Hacked, What is blockchain technology | can blockchain be hacked | Types of blockchain | simply explained.
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