Imagae taken from canva

Thanks for the opportunity to participate in this Program, so lets talk about Blockchain Technology, its types, advantage and disadvantages so lets get into it.

1.WHAT DO YOU UNDERSTAND AS BLOCKCHAIN

Blockchain is a system that helps to record all transaction and datas in the form of blocks, ensuring the sec

2.DESCRIBE ONE TYPE OF BLOCKCHAIN

There are different types of Blockchain but i will be talking about the Public blockchain.

PUBLIC BLOCKCHAIN

This is the opposite of the private blockchain and as the name suggests involves the public i.e to say that the informations and transaction are made known to the public and is not controlled by a particular individual making it a more decentralized system.

It is important to note that there is no third party in in this type of blockchain and transaction exist between the user and the system.

3.EXPLAIN THE ADVANTAGE AND DISADVANTAGES OF THE TYPE OF BLOCKCHAIN YOU CHOOSE

One of the advantages of Public block chain is that there is no need for a third party. Secondly everyone is meant to do the right thing for the progress of the blockchain.

Ever heard of the saying anything that has an advantage also has a disadvantage, hence one of the disadvantage of Public blockchain is that decision making is not centralized, as can be seen in Private blockchain.

VISIT BLOCKCHAIN DEMO AND WHAT DID YOU LEARN FROM THE PAGE(SCREENSHOT REQUIRED)

After going through the Blockchain demo i learnt a couple of things, so let's get into it, all image below were taken from Blockchain demo.

From the image we can see a Hash, hash are funtions that takes an inputs of variable lengths gives outputs of a fixed length

From the image above, you can see that i have entered the data(input) "@boobss" and it has given me a fixed value as an output.

from the image above we can see a block which is an a algorithm that contains a particular data, so a block saves a particular data and combination of many datas forms a blockchain.

From the above the we can see that block is one, which showing that it is the first block in the chain. After inputing the data "@boobss" i noticed that the hash changed, then i have to click on the Mine button. Below is a screenshot after clicking the Mine button

A typical Hash that starts with zero(0) is formed after clicking the Mine button.

The image above shows atypical Blockchain which many blocks, the Hash of the first block being connected to that of the second block hence any alteration of any of the blocks can lead to loss of all the datas.

EXPLAIN THE DISADVANTAGES AND ADVANTAGES OF USING BLOCKCHAIN TECHNOLOGY

ADVANTAGES OF BLOCKCHAIN TECHNOLOGY

There are many advantages of blockchain technology, let's get into it
1.The first being that it ensures the security and safety transmission of data

2.It removes the need of a third party

3.It creates different levels of accesibility for its user

4.It enables faster transaction time

DISADVANTAGES OF BLOCKCHAIN TECHNOLOGY

There are disadvantages that are associated with Blockchain technology

1. When compared to a centralized system blockchain technology is not scalable

2. Since it relies on nodes to function effectively, blockchain technology is not a distributed computing system

3. It slows down when alot of people are using it

4. During mining of coins, a lot of energy is consumed.

CONCLUSION

In as much as Blockchain technology has much advantage it is important to also note the disadvantages in order to be on a safer side when using this technology.