Mini Crypto Program 3|| Understanding of Blockchain

Hello great minds! I am very grateful to @liasteem and @steemeducation for their efforts in making this a success. Indeed this is a great place to learn about crypto.
In this part 3, I would be carrying out the following exercises.

. What do you know about blockchain?
. Describe one type of blockchain!
. Explain the advantages and
. disadvantages of the type of blockchain you choose!
. Visit Blockchain Demo, and what did you learn from that page? (screenshot required)
. Explain the advantages and disadvantages of using blockchain technology!
. Conclusion!

I'll will be answering these questions one after the other.

WHAT IS BLOCK CHAIN

Blockchain can be defined as a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. They are also a chain or records stored in the forms of blocks which are controlled by no single authority. Records in blockchain are called blocks , and they are linked together using cryptography.
Block chain has different components which makes it up. A blockchain consists of a node, data, previous,minning and block.
Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant's ledger.
Different information are recorded in the blockchain.

DESCRIBE ONE TYPE OF BLOCK CHAIN
There are four main types of blockchain networks:
These are
1.public blockchains
2.private blockchains
3.consortium blockchains
4.hybrid blockchains

Each one of these platforms has its benefits, drawbacks and ideal uses but I would be talking on public block chain

WHAT IS PUBLIC BLOCK CHAIN
The name public emphasize on general, without concealment or restrictions. It is open to all users who are interested.Public blockchain is where cryptocurrency help to popularize distributed ledger technology. It removes the problems that come with centralization, including less security and transparency. It doesn't store information in any one place, instead distributing it across a peer-to-peer network. Its decentralized nature requires some method for verifying the authenticity of data.
Public blockchain is non-restrictive and doesn't need permission, and anyone with internet access can sign on to a blockchain platform to become an authorized node. This user can access current and past records and conduct mining activities, the complex computations used to verify transactions and add them to the ledger. No valid record or transaction can be changed on the network, and anyone can verify the transactions, find bugs or propose changes because the source code is usually open source.

ADVANTAGES OF PUBLIC BLOCK CHAIN

1. COMPLETE INDEPENDENCE : The organizations has made the public block chain in a way that if the organization decides to cease to exist, the public block chain will still be able to run as long as there are computers connected to it
2. TRANSPARENCY : As long as the users follow security, protocols and methods, public chains are mostly secured.
3. EASY ACCESS : it can be easily accessible making it open for any interested person to use.

DISADVANTAGE OF PUBLIC BLOCK CHAIN

1. SLOW :Network in public block chain are very slow.
2. UNRESTRICTED ACCESS :due to its nature, companies cannot restrict it access making it open to harm.
3. INSECURITY :hackers can adultrate information by just gaining about 51% of the commuting power.
4. SCALE :public block chain also don't scale well. The network slows down as more nodes joins the network.

VISIT THE BLOCK CHAIN AND WHAT DID YOU LEARN FROM THERE
I logged into the site https://andersbrownworth.com/blockchain/blockchain
I observed that every block chain has

NODE
This is responsible for the peer to peer network. It serves as a means of disseminating information or as a means of communication. All nodes are usually interconnected and linked up with one another.The verify the transaction. Each nodes has a unique identifier attached to it that allows it to be different from other in the network. In summary the node are designed to keep a copy of all transactions in the blockchain.

Source: https://andersbrownworth.com/blockchain/blockchain

BLOCK
Records of transactions,the software version number,the nonce are stored in blocks.Every data or information which is relating to an account are stored in the form of blocks.

Source: https://andersbrownworth.com/blockchain/blockchain

MINE
This is the process of creating blocks. A person who creates blocks is called a miner. Also, a miner is a person or marketer that carries out crypto transaction. Miner creates new blockchain. The miners also add transaction to the ledger of existing transaction through their activities

Source: https://andersbrownworth.com/blockchain/blockchain

DATA these are organized information.

Source: https://andersbrownworth.com/blockchain/blockchain
HARSH
this is a valid tag used to save data. Using a specified harsh makes a block valid.

Source: https://andersbrownworth.com/blockchain/blockchain

PREVIOUS
Informations in previous changes when the harsh is changed.

Source:https://andersbrownworth.com/blockchain/blockchain

HOW TO MINE
. First input the block number you will notice that the color will change because it doesn't have a valid harsh

Source: Source:https://andersbrownworth.com/blockchain/blockchain

. Input your desired data then click mine. The color will change back to normal because a harsh has been added thereby making the block valid

Source: Source:https://andersbrownworth.com/blockchain/blockchain

. You would notice that the preview are related. That is the number in the previous harsh is the same an the number in previous showing that they are all related

ADVANTAGES OF BLOCK CHAIN TECHNOLOGY

1. NO THIRD PARTY INTERFERENCE – No government or financial institution has control of the cryptocurrencies based on blockchain technology. This means no government can meddle with the value of the currency.
2. SECURED TRANSACTIONS – The blockchain responsible for keeping record of all the transactions cannot be edited or manipulated. Both ends of a transaction and the public can view the transaction data at any given time. This makes online transactions more secure.
3. INSTANT TRANSACTIONS – Blockchain technology transactions are completed in a few minutes. Take for example a bank transaction made to a person with a different bank account. It takes two days minimum to complete the transactions. At this time, the person doing virtual transactions with crypto can complete a series of transactions.
4. SECURED – Since it is an open source ledger, every transaction is made public. This leaves no room for fraud. The integrity of the blockchain is monitored by minors who have their eyes on all the transactions.

DISADVANTAGES OF BLOCK CHAIN TECHNOLOGY

1. DIFFICULTIES WITH UPDATING AND ELIMINATION OF ERRORS :
   The application must be updated on each node of the P2P network or forked if any part of the nodes don’t accept the amendments.

2. CRIME : lack of users identification helps criminals execute their criminal act. Some applications need to verify the identity of a user since there is no central authority to assure the identity of the user, the development of certain decentralized apps becomes a serious problem.

3. HUMAN ERROR :The blockchain technology can’t be edited or modified meaning all the information on it has to be 100% accurate. If for example, you lose the Private Key used to access the blockchain, it’s almost impossible to get access to the network.

4. *TIME CONSUMING :it takes a long time for a block to be confirmed by making an agreement with the parties on the blockchain network. This depends on the capacity and speed of the blockchain operating system.

5. COST :it requires a high cost to perform a transaction on the blockchain, considering that blockchain is a technology that performs many smart contracts.

CONCLUSION
in conclusions, block chains are used to store information and also it is worthy to note that there are 4 types of block chain demo each having its own advantages and disadvantages.
I here by invite @jonathan445, @mrs.cuyag @five5 to learn from these lectures.