Steemit Crypto Academy Contest / S1W3 - Blockchain Through the Concept by @faran-nabeel

How are you guys?

I hope all will be fine and happy by the grace of Allah Almighty and here i am also fine and good

Today let's meet me in Steemit Crypto Academy i am your Faran Nabeel and today i will be take part in steemit crypto academy engagement contest week 3 .

Contest Theme : Blockchain Through the Concept

So, let's start go to our today topic and contest post for our community members and also try to doy best for this contest.

Introduction of Blockchain

Here let's go to introduced the Blockchain technology to our steem fellows. Blockchain is a chain for recorded of transactions , and monitored by a different networks od decentralized devices like computers on the internet. This is the wonderful technology was initially developed
for track the transactions of BTC Bitcoin. And now the Blockchain technology has been adopted for various to other user for save and record important data to permanently and verifiable. Blockchain technology can be very helpful in supply chain management, secure voting systems , digital identity, record property system , healthcare record system and in many more sectors. The applications of this wonderful technology is called Blockchain technology are immense withe the lot of benefits for example increase our cost of savings, improvednour access to information.

Blockchain & It's Type

Blockchain

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Now in this paragraph you read a basica about Blockchain technology. first our question is what is blockchain technology? Now for this question we can say about the Blockchain technology is a decentralized and a distributed ledger for the maintains an every growing the list of our transactions records in a easier and secure and verifiable way. for the more about Blockchain technology you can also tead in the upper the Blockchain technology have many basics benefits but now in the below we are discuss about the types of Blockchain technology.

Types of Blockchain technology

These are many.many types of Blockchain technology and in the below we are discuss some important and open Blockchains for members such as , Private Blockchain, Public Blockchain, Permissioned Blockchain and Consortium Blockchains. Now read in the below a short review of these some blockchains.

• Private Blockchain :-

Its access is limited to just those peoples who involved in making transactions or making payments for example, credits card. And many bank institutions used this type of Blockchain technology for take smarts contracts and also dor the interactions between other banks for example loans or money transfers or etc.

• Public Blockchain :-

Everyone is access on this blockchain technology and basically Bitcoin is used this type of blockchain technology, where many peoples pay for goods & services with cryptocurrencies such as BTC.

• Permissioned Blockchain :-

Permissioned Blockchain is a group of some trusted parties to approves transactions before there's recorded on the chain. And you see this ia a financial system, where the records of transactions are stored in bank's computers rather then the database owned by anyone. Such as, some companies with a large amount of cash flow cloud used a Permissioned Blockchain technology for track the transactions on the same computers for the more extensive financial system.

• Consortium Blockchains :-

The Consortium Blockchains is avoiding to duplication allows record to be shared among the multiple parties while maintaining the privacy because the many different organizations is understand who has authorities over which ever data and how it's to being it updated on the chain , the most important note is to that each organizations must be able to validate to each other records before it's edit to share database.

Four Key Concept

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Four key Concept can be helpful to understand about how to blockchain technology is different are,
Such as,

• Security
• Transparency
• Immutability
• Decentralization

Immutability Concept is my favorite concept of Blockchain technology

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Immutability Concept of the Blockchain technology

For this concept the Blockchain technology is a decentralized and a distributed that is immutable by design. A once information is recorded on the blockchain. In which the term of immutable literally that's means something is changed. Therefore, The Blockchain data can also not be changed or deleted or modified. when a Blockchainis design then it is make it's tamper-proof and make it secure. its is was created to support BtC Bitcoin cryptocurrency. However after then , many new Applications was developed for industries 4.0 such as the smart contracts and also for supply chain management solutions based on the core concepts of decentralized and Immutability of data stored in the public chain.

Blockchain is an a immutable chain with a copy for a every participants on it's networks. And no matter to how blockchain is used the ladger is laways a database shared with the every participant in its network. Each participate has been a copy of the database and cav view or afd information. ince time you entred in item into the ledger, no one eles can be changed or delete it. the ledher is immutable. And the itwms is the stay on the ledger forever and forms a part of a chain that is links back to other else piece of data on this network. then it is vreat a history; and if someone wants to check up your data entry they can you review everything the added to the database.

Through adding the timestamping on this process. we get a control of version. Then it is even more secure for all participants in this network because now everyone has access to the same information at any given time.

Why Immutability Concept is Vital in blockchain?

Immutability is crucial concept of the blockchain technology , and it is making it's reliable and stable to and excluding to unauthorized action. iImmutability means is that the data cannot be a changed or deleted once, a data is entered into the systems. And the most common way to implement the immutability is through the cryptographic hashing. In a simple term, the cryptographic hashing means that is if you changed a data in a block such as, a transaction on the network then the hashing value of that block will also changed it. The main reason of why this concept remains the key are discussed to under the following subheadings.

1. When Block is created, it cannot be edited.

Immutability concept is a very important and because it is helps to ensure that is no block gets changed it, a meaning that a users cannot be changed a contents of a block. It is also means that is a user cannot be removed the block either and suppose you are try to alternate to one piece of the information in one of your block. In which case, you will be effectively and be altering to all subsequents blocks in the blockchains because they are linked. This is the only way to changed any information with in a blockchain to have someone who owns more than 50% of it's mining power to recalculate all subsequents blocks. This is would be required to immense computing power & require a changing to each hashing value with in a every block. That could be take an a incredibly a long time and depending on how many transactions into per second.

2. Scales is better than a traditional relational database easily.

As you the blockchain technology is a distributed and decentralized database and since it is not centralized, because it can be a easily scale better than a traditional relational database (TRD). The Blockchain technology can be a scaled to handle a high transactions volume by leveraging technique the fact is that multiple a copies of it's data are located in a different nodes and It can also scale in horizontally and vertically shape by meaning more servers can be added in to run the networks or you can also add more power to the existing ones.These are many ways to scale the blockchain technology but one thing is a sure that is scaling will not be a problem.

3. Data is Permanent and Cannot be changed or deleted.

The blockchain technology and its immutability features and concepts, this is could be your reality. The Immutability refers to data are entered into the blockchain that can be never changed or deleted. But something has been entered into the blockchain technology, it will be remain there are forever and can never be changed or removed.

Why do you think it is important in Blockchain technology ?

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The blockchain technology is creates an immutable record of all the transactions executed by l network of computers like in nodes that is running on a consensus protocol algorithm. The every transactions is as an grouped as also blocks of information chained together the cryptographically in chronological order from the oldest to the newest transactions submitted by each node to participating in network at in any given time The order is cannot be a disturbed because it is each a block to contains a link to back it's previous block by a shared digitals signatures.

For the understanding, why the immutability is
a necessary, we need to look at the blockchain technology and It's a distributed chain , that means it has no a single point of failures. But we also need to understand about that the blockchain networks is does not require to any central authority to verify the transactions. The idea is behind this is all of the information in the chain can be seen by everyone and that it is cannot be changed after being to made public on the networks.

All of this makes senses and you are probably thinking about, That is s great! Less bureaucracy and faster pace is well, yes and no and it is does lead to less bureaucracy, but speed is not something that the Blockchain offers by as default. The transactions are processed at their own place because the many different nodes are present on the networks to verify each one independently. In this , all other nodes must wait the until that is one catche ups with them before they can be continue to verifying transactions by themselves. This causes a delay in the processing time.

The immutability feature and concepts of blockchain technology to makes it difficult for hackers or scams to change our data. Such as, it is added into their digital wallets when someone buys a cryptocurrency like btc or gold. A history of transactions is recorded on the blockchain ledger.And a history of his this transaction has been verified and added to the ledgers, it can't be changed or deleted.Hackers would have to change all the subsequent block for the information in one block to change it.

Do you think that the exitance of the blockchain would be possible without this concept? Is thier alternative or similar term ?

The means of Immutability that is once something is happens on the blockchain and it can not be changed or removed. The Immutability makes the blockchain's integrity to possible and is why to smart contracts are many significant.

Here let's assume all the transactions on the blockchain technology are immutable for now. What would a implications of that be? Without
a immutability, The whole things become is useless. There are would be no guarantee that anything written on a blockchain would stay there. Such as, a bank could be alter it's transactions. Someone could is change their address to steal money. You need to ensure it can not be a tampered with at any point in a time or by anyone in possession of access key. Suppose you could be modifyed your transactions history or someone how update your public key but only change it for yourself or see someone else as private key. In this case, all you are doing a storing information in your nodes which is not that exciting to anymore.

The blockchain technology would be still work in recording the transactions and keeping track of who owns which crypto coins, but immutability makes it secure.and secure . Without it, the whole things becomes a useless. As i write on upper there's no guarantee that anything write on a blockchain would stay it there. This is a reason why Bitcoin Btc, Ethereum, and the likes are so secure and safe their have immutable nature. If a someone hacks or add scams into your bank account, an admin can reverse all transactions that is made by the hacker and restore your account to it's previous state. No harm done and no so with cryptocurrencies. here once time you send coins to someone, there's no going back if your account is hacked.

The Immutability concept is the most important concept of blockchain technology. Without it, there would be no trust and no way to prevent from any fraudulent transactions from occurring. Such as, a bank could alternative it's transactions someone could be changed their address to steal your money from others, and a miner could produce two blocks at once & decide which one to use later on. These issues is would be almost impossible to detect because there have a no to prove when something was changed or deleted.

Conclusion

Know in this my post i hope you learn about the Blockchain technology and also know about the basics of blockchain technology and in which my post i also try to share information about it's types. And in my opinion the the the Immutability concept is the good for blockchain technology or network because in which our coins or data become safe and secure.

The Blockchain technology is an innovative technology and Blockchain technology have many applications. Blockchain is the future of technology. It is a very important technology that is encourages our transparency, our data security,Or immutability, and alao decentralization. Now this is the end of my post o hope you really like and enjoy to read my today post and week three challenge.

Now i invite my three friends for this contest is @malikusman1, @goodybest , @sameer07 and @sitaraindaryas for take part in this wonderful contest.

Regards,
Faran Nabeel
Discord : farannabeel#8111