History of BlockChain

The concept BlockChain invented in 20th(1991) century by the researcher  Stuart Haber and W. Scott Stornettabut this concept of blockchain was faded as time went on. In 1992 they upgraded their system incorporation Merkle Tree. In 2008 BlockChain history started in an application and was implemented in 2009 by Satoshi Nakamoto. By using the concept of blockchain he introduced BitCoin which is digital currency or cryptocurrency.

What is BlockChain?

Blockchain is peer to peer distributed ledger technology, digital information stored in a public database First Blockchain is genesis Block and its previous Hash Value is zero. The blockchain contains Data,  which is interrelated through the previous hash and current hash. When a block stores new data it is added to the blockchain it's current hash value will be a previous hash value of next block and  Previous hash value is a current hash value of the previous block and so on. If someone inside the Blockchain intentionally changes the data the current hash value change automatically and current hash value will not match the previous hash value of next Block and become invalid and show red colour .so he/she have to change every value of the node which is not possible.

How does it work?

BlockChain runs with Proof of work(POW). It brings transparency because each computer connected in the network of the blockchain has a copy of its own and can view the contents of the blockchain. When a new node is added the copy of node is received and it continuously updated by all other nodes.

Implementation of Block Chain

-BitCoin

-Ethereum

-Hyper Ledger

Scope of Blockchain

-More than 250 banks worldwide are adopting BlockChain for recording transaction information, customer personal information.

-Business are using Blockchain to increase trust, security and transparency 

 -It can be used for verification of certificates and qualifications

-It can be used by an asset tracking, licenses, benefits and contracts.

 -Insurance claim payment and fraud detection.