“Blockchain” refers to the name of its mechanism and technology. It is sometimes combined with Bitcoin (virtual currency) or used as a decentralized ledger, but it is different from Bitcoin and is not exactly a decentralized ledger. This will be described later.
Feature 1: Autonomous management and zero downtime
The blockchain is not a person who manages data. Bitcoin, which uses blockchain technology, operates autonomously even though it is used by people all over the world, and has stopped even once since the system started operating in 2009. There is no such thing. This is called “zero downtime.”
Users may not be able to trade due to troubles such as exchange maintenance and hacking, but this is not a problem in the bitcoin (virtual currency) system itself; it is only an issue on the exchange side. .. The Bitcoin blockchain itself continues to function without stopping, and it continues to this day. To get maximum profit read of bitcoin.
Feature 2: No single point of failure
Any company does not control the data recorded by the blockchain. In the service of converting information into data, web users usually access corporate servers and exchange data.
Therefore, in the unlikely event that the server is overloaded with access, the server will puncture, and you will not be able to exchange data until the server is back in good shape.
In other words, there is a possibility that you can get valuable personal information by attacking the server = server = weak point. In a typical communication method, the server is a “single point of failure.” This single point of failure has been a problem with traditional Internet services.
However, the blockchain exchanges data using a communication method called “Peer to Peer.” Peer-to-peer is also sometimes referred to as “P2P”. Peer-to-peer is not a server-based communication method like the one above, but a technique that allows everyone participating in the network to exchange data equally without going through the server.
We can understand that each of us users is accessing the server in the middle, and it is easy to mount an attack on the server where access is concentrated.
You can see that, unlike the server method, the paths for exchanging data are decentralized. Since the data is distributed and managed, there is no particular impact even if an attack is made in one place because the data is stored in other places as well. It is an image that even if one path is blocked by an attack, there is no problem because data is exchanged on another path.
In this way, the blockchain has the great merit that the management of data is autonomous. Even if Bitcoin and Altcoin are hacked by the exchange and the exchange stops service, the transaction of Bitcoin itself does not stop as introduced in the section of zero downtime.
Characteristic 3: Cannot be tampered with
The data that is inscribed on the blockchain, that is, the block, contains the data related to the previous block in addition to the transaction (transaction data). Therefore, if there is a person who is sick and tampered with somewhere and did not trade, and tampered with some part, all subsequent blocks would be affected.
It’s virtually impossible to tamper with, as the data becomes inconsistent. Furthermore, the blockchain has a rule that “long ones remain” when it branches.
The blockchain said, “Tampering” is impossible. However, tampering is possible only by saying whether it can be done, and the only way to do that is to tamper with the data in the blocks that follow it and forcibly align it.
On the other hand, during that time, new blocks will be created on the blockchain, and the chain will continue to grow.
Due to the rule that long blocks will remain, tampering will not succeed unless you work at a tremendous speed, but no matter how hard you try, you cannot keep up with the speed at which the new chain grows. So the answer is that the blockchain is virtually tamper-proof.
And another reason we can’t tamper with the blockchain is the “timestamp” that we will talk about next.
Disclaimer: This is a paid post and should not be considered as news/advice.