The concept of Blockchain technology came into light in 2009, and since then, there has been a lot of mania in the tech world. This technology is present for just under a decade; it was introduced to store and sent the first cryptocurrency known as Bitcoin. But, later this technology has paved its path worldwide, and people have started using it in different ways and industries. One such way is to boost cybersecurity.
Blockchain is a distributed network that might have millions of users all around the world. Each user can add information to the Blockchain and all data in the blockchain is secured by cryptography. Another member of the network is responsible for verifying that the data inserted in the blockchain is real or not. It is done by using a system of three keys i.e., public, private, and receiver’s key that enables members to check the accuracy of the data and also confirms from where does it come.
Moreover, blockchain users are also able to store all the data in their network on their computer system. It results in two things. Firstly, they can earn more money for giving their extra storage space and, secondly, they assure that the chain will not collapse. Like for instance, if a hacker attempts to tamper with a block, the entire system will analyze every single block of data to find that one block which differs from the rest. If the system detects such a block, it only excludes it from the chain and identifies it as false.
Blockchain technology is designed in a way that there is no primary storage location. Every user present on the network plays an essential role in storing some or all of the blockchain. Everyone is solely responsible for verifying the data that is stored or shared to assure that the fake data can’t be added and any of the existing data cannot be removed.
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