BLOCKCHAIN: Understanding the bone structure of WEB 3.0
A blockchain can be seen as something similar to spreadsheets wherein the information can be accessed by all but in an uneditable form. Just like rows and columns in a spreadsheet blockchain comprises of blocks which is just a collection of data. The data is added to the block by connecting it with other blocks in a chronological order creating an interlinked chain thus the name blockchain.
Blockchain is a cyprtographically secured, distributed recorded ledger – which simply means that a ledger is spread across the network among all peers in it, and each peer holds a copy of the complete ledger with a time stamp on it. This technology enables creation of new digital relations. Its ability to update the ledger via consensus gives it the power of decentralization. Various such key attributes of blockchain makes its data almost immutable and thus the whole system tamper-proof giving it its groundbreaking potential. Blockchains (like all distributed systems) are not so much resistant to bad actors as they are ‘antifragile’ – that is, they respond to attacks and grow stronger. Also one more notable flaw in blockchain system being the ‘51% attack’ wherein if more than half of the computers working as nodes to service the network tell a lie, the lie will become the truth. Still this is a network that sits above the internet. The technology has found its applications in innumerable fields where some of the popular platforms being Bitcoin, Ethereum, Hyperledger etc. The invention of Blockchain opens up the opportunity to take a step back and redesign the way our web works thus becoming the backbone of the upcoming Web, i.e., Web 3.0.
