Blockchain Basics -Distributed Ledger Technology
Blockchains are type of DLT (Distributed Ledger Technology) distributed databases designed to record, communicate, and transact information without the need for a central authority. It is impossible to discuss modern encryption without diving into the revolutionary technology of blockchain that emerged in 2009 with the birth of Bitcoin. It is relevant to point out that there are 2.5 quintillion bytes of data created each day at our current pace and 90% of the world’s data was created in the last two years alone. This astronomically exponential growth has called for constant innovation to secure, store, and diminish the input of human manipulation. Blockchain eliminated the traditional method of data storage, such as cloud and physical drives that are all vulnerable to modification and errors, by eliminating the intermediary: thus, eradicating the archaic human issue of trust. To grasp the vulnerability of the blockchain it is imperative to understand the concepts it runs on.
The theories of blocks, nodes, and nodes owners (miners), consensus mechanisms, and hashing all work together in the functionality of the system, and all choices made to a specific blockchain must be taken to minimize security breaches.
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