Blockchain Durability and Robustness
Ever since the Bitcoin boom in 2017, Blockchain technologies and cryptocurrencies have seen massive growth in a very short span of time. A lot of cryptocurrencies have become popular since, and their price has sky-rocketed at godspeed. Let’s first understand what these terms actually mean before discussing blockchain durability and robustness.
Cryptocurrency
Cryptocurrency is quite equivalent to a virtual currency that can be used for transactions in place of money. The special added benefit is that it is encrypted, and decentralised. Hence, no bank or central authority has jurisdiction over it and is thus, immune to interference.
Since it is developed on blockchain technology, cryptocurrencies operate on a peer to peer network where all the blocks are maintained unanimously in the form of a distributed ledger. And all the decisions are taken only after the network reaches a consensus, making sure that no individual has more power over the currency.
New coins or tokens of any cryptocurrency have to be mined and then verified so as to not depreciate the existing coins. The miners use high-tech computers and softwares to solve complex mathematical problems to mine a coin, and if its verified they are rewarded for their hard work in exchange.
Some popular cryptocurrencies are Bitcoin, Ethereum, Dogecoin, Ripple, Solana, Litecoin, etc.
Blockchain Technology
It is the popular underlying technology that cryptocurrencies are built on. Today, blockchain is a very promising field in the world of technology and offers a plethora of features, including durability and robustness.
Blockchain works on a peer to peer network, hence all the data is scattered across a network of computers located all over the world. Hence, there is no single point of failure making it an extremely durable technology.
Only hacking or human error can actually lead to any miscommunications in a blockchain network. The former is almost impossible given the advanced cryptographic techniques used to ensure quality encryption when it comes to data storage on a blockchain.
Blockchain transactions are verified once every ten minutes, making sure that there is no discrepancy or modification across the network. Each transaction is represented by a block, which is checked to maintain transparency and data security. If a single block is altered, it will be detected in the verification process and the consequent chain will break thereby alerting concerned nodes making it extremely robust.
The cryptography employed in blockchain technology uses “digital signatures” for the verification process. Digital Signature is a mathematical technique used to verify the authenticity and integrity of a digital document. These signatures are proof that the user has access to the private key needed to decrypt the data.
Bitcoin
Bitcoin was the world’s first ever cryptocurrency and also the foundation for blockchain technology. Today, it is accessed by a multitude of users all over the globe; however, unknown to many bitcoin is based on technology that is faulted tolerant. The level of hardiness it carries is very hard to induce.
Bitcoin transactions have to be recorded on the blockchain without comprising the identity of the individuals involved, thereby ensuring pupil anonymity. However, a lot of corporations would not prefer their transaction history to be at this level of transparency because it might prove to be a threat or can be misused by competitors. This is a large disadvantage of public blockchains.
In the current scenario, the blockchain world is witnessing a boom in job opportunities as this revolutionary technology diversifies to other sectors than finance. But, since it is in a very nascent stage it also faces a lot of obstacles from the government and traditional finance corporations because of its unique nature.
Despite the governmental discouragement the industry has thrived nonetheless, and most stock exchanges have adapted blockchain because of its high-value features, durability, impossible to break security and robustness.
Conclusion
In this blockchain tutorial we learnt about blockchain, cryptocurrency and bitcoin in order to understand the features of Durability and Robustness. We learnt other features and their advantages as well, and discussed the resistance faced by blockchain.