Blockchain technology has created a truly revolutionary impact. In the automation economy, it is just like a smooth transition between humans and machines. It is just like a distributed digital technology where the history of transactions is unchangeable and visible. It is all possible with the decentralization and hashing of cryptography.
History of Blockchain:
The research starts back in 1980. The first implementation of Blockchain took place in the year 2009, by Satoshi Nakamoto. This first successful transaction took place between the mysterious Satoshi Nakamoto and computer programmer Hal Finney.
How Does Blockchain Work?
The three important concepts of Blockchain consist of blocks, nodes, and miners.
A chain made up of blocks and each block has 3 basic elements include:
1. Block data:
When a block creates, a 32-bit whole number is randomly generated, and so a block header hash generates. A 32-bit whole number called a nonce. To the nonce, the hash is a 256-bit number wedded. With a huge number of zeroes, it must start (i.e., be extremely small). When the first block of a chain creates, the cryptographic hash by a nonce generates. Unless it’s mined, the data in the block considers forever tied and signed to the nonce and hash.
On the chain, miners create new blocks through a process called mining. In a blockchain, every block has its unique hash and nonce. The references include the hash of the previous block in the chain. Especially on large chains, mining a block is not easy. To solve the incredibly complex math problem of finding a nonce that generates an accepted hash, miners use special software. The hash is 256 and the nonce is only 32 bits.
Before the right one gets found, there will be roughly four billion possible nonce-hash combinations that must be mined. Finally when miners have found the “golden nonce” then the block adds to the chain. It requires re-mining before making a change to any block. To manipulate blockchain technology is the only thing that is extremely difficult. It requires an enormous amount of time and computing power to find golden nonce. The change accepts by all of the nodes on the network when a block gets successfully mined. The miner rewards financially once they get success in this mining process.
Nodes Decentralization is one of the most essential concepts in blockchain technology. Either computer or organization, no one can own the chain. Nodes can be any kind of electronic device that keeps the network functioning and maintains copies of the blockchain a. Every node has a network that must algorithmically approve any newly mined block and its copy of the blockchain for the chain trusted, updated, and verified.
A unique alphanumeric identification number gives each participant that shows their transactions. A system of balances and checks helps the blockchain maintain the integrity and creates trust among users when combining public information.
Understanding Blockchain with an example
Understanding blockchain technology let’s consider a simple analogy with a Google Doc. The document gets distributed, instead of copying or transferring when we create a document and share it with a group of people. Everyone accesses the document at the same time and it creates a decentralized distribution chain that it gives. In a scalable way for myriad uses, it helps reduce risk, stamps out fraud, and brings transparency.
Applications of Blockchain Manufacturing Processes
To store data from bills of lading for quality inspection records and vehicle components created during the manufacturing process to WIP information for each vehicle assembly from start to finish we can use blockchain.
The manual data for insertion including transaction variables or transaction costs as well as revisions among other things could be streamlined as all processes. The blockchain will accelerate this process and keep them updated throughout the life cycle of a car.
2. Vehicle Safety and Data Security:
The more connected a vehicle is the most susceptible it becomes to potentially deadly cyber-attacks.
To keep safe the data received and sent by telematics systems the heightened level of encryption prevents hackers from using or viewing this data we can use blockchain.
Blockchain is one of the most advanced technologies. Whenever a new technology comes then it takes time to build its place. It also takes time for the users to accept it as a reality and use that particular technology. Personal computers, mobiles, tablets, and the internet were some of the technologies that also took time and created their place. To accept blockchain as a reality by people as well as banks may take more years. But one can consider it as a versatile, effective, and safe technology.
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