BlockChain Pillars

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It covers the basic idea of Block chain technology and pillars on which this technology is building up

Block Chain : A decentralized ledger with the transaction records. A humongous worksheet where every digital transaction is unique in its nature and which is added and updated by the users of the network. The database which holds the information that is shared by all network nodes, continuously updated by users of the network, monitored by everyone whether it is offline or online, and its owner ship and control attained by no one.

Pillars of BlockChain

• Replicated Information
• Peer to Peer
• Artificial Identification
• Irreversible transactions
• Customized development
• Replicated Information/Distributed information/Mirroring information.

1. Normally in tech savvy word distributed systems means a System which normally keeps the information over multiple database. Information/Data is broken down into multiple parts and is then places on servers scattered around.
2. But in Block Chain epitome of word distribution is used for REPLICATION or MIRRORING the information across various machines/Nodes. It is just like Replication of data across various servers through the production server.
3. Block chain uses distributed systems to save the information. The basic idea is to have a secure way to save the data so that it should not be hacked or cracked into. The user of BlockChain have their own Database in which set of all transactions is placed.
4. The same copy of the database is also made available to other users databases. Thus it creates a failsafe procedure i.e. for every new transaction in blockchain will be replicated across the globe. In the other words if any person (Hacker) would want to corrupt the transactional data he/she needs to change the transaction information across Databases of various users; which makes system nearly invincible.
5. Common Sense Threat; from the historical learning we may say that even the statement above is impossible by its implications. But if we look in past nothing is SECURE so although Impossible as it is sounds it would be doable with further advancements in hardware technology; such machines will attain the impossibility.
   
   

Peer to Peer
           Ever heard about torrents. No information is actually stored in any central location. Instead of it user gets the data as Leecher which sucks the information across the information from various nodes of the network thus distributing the load over various nodes.

Common terms

1. OpenLedger is a ledger which stores the information about each and every transactions occurring over the network. These transactions are recorded safely, permanently and efficiently.
2. What does it mean to be safely, permanently and efficiently?
   Term safely means that transaction is safe. No one can corrupt it. It is due to the fact that since transaction is saved over the multiple distributed databases and if anyone over the network wants to change it then that user needs to updates the copies of the databases over the network.
   Term permanently means that once transactions is made then the it won’t be further altered; Like updated or deleted.
   Term efficiently means that transactions are quick and over the net. These transactions tax out the cost of middle men.