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19 September. 2021
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Blockchains make it possible to store and exchange value on the internet without a centralized intermediary (definition of Blockchain France). They are the technological engine of cryptocurrencies, the Decentralized Web and its corollary, decentralized finance.
A blockchain is a database that contains the history of all the exchanges made between its users since its creation. This database is secure and distributed: it is shared by its different users, without an intermediary, which allows everyone to check the validity of the chain.
A blockchain can therefore be assimilated to a public accounting ledger, anonymous and forgery-proof. As the mathematician Jean-Paul Delahaye writes, one must imagine "a very large notebook, which everyone can read freely and freely, on which everyone can write, but which is impossible to erase and indestructible."
The first blockchain appeared in 2008 with the digital currency bitcoin, developed by an unknown person posing as Satoshi Nakamoto. It is the underlying architecture.
If blockchain and Bitcoin were built together, today there are many blockchains and associated cryptocurrencies.
How is security ensured within the blockchain?
One of the great advantages of blockchain is the security it provides for transactions made in the network. This security is ensured thanks to three elements that make up the blockchain: an asymmetric cryptography system, the mining process, and finally the existence of nodes.An asymmetric cryptography system
All actors participating in the blockchain have two keys: a private key that allows them to digitally sign their transaction, and a public key generated for each new exchange. This allows users to protect their identity while remaining transparent about the nature and quantity of the exchanges made.Mining
Mining is the process by which the different blocks are validated and therefore secured. To this end, the so-called "miners" perform mathematical calculations with their computer equipment to verify and then validate the blocks of transactions.In addition, it should be noted that most miners join "mining pools" which are groups of people who combine the processing power of several computers to verify transactions.
Nodes
Nodes are computers connected to the network. Each node has a copy of the database that traces the history of all transactions made. Thus a chain of interconnected blocks is formed, which makes the blockchain tamper-proof.Thus, if a third party wants to hack the network, it is necessary for this hacker to corrupt more than half (more than 51%) of the nodes simultaneously. The number of nodes being very large, in case of attempted fraud, this would be detected very quickly.
Registers
It is any file contained on your computer and stored on the blockchain (Excel table, Word document, contract, order of transmission of funds, etc.)
The potential of blockchains
The decentralized nature of blockchains, coupled with its security and transparency, promises much broader applications than the monetary field.The use of blockchains can be classified into several categories:
Monetary applications: the use of global currencies (Bitcoin, Ether, etc.) that provide an international benchmark and a safe haven potential for certain populations subject to inflation or unbanked.
Tokenization of valuable assets (real estate, video game collectibles, works of art, etc.)
More complex financial applications (hedge funds, insurance, loans, etc.), such as decentralized finance
Certification applications using blockchain as a decentralized notary, to ensure the integrity of digital files