How does blockchain work? – The Nation


NATO foreign ministers to meet in Berlin for talks on Ukraine
27 dead in Delhi fire: Indian emergency services
UAE’s ailing President Sheikh Khalifa dies aged 73
10 killed in deadliest recent Syria rebel attack
Minister for Commerce vows to extend support to textile industry
Five new talents to watch at Cannes
In new album, Kendrick Lamar delivers introspection and biting social critique
Austrian glaciers likely to disappear by end of century with climate change
China withdraws from hosting 2023 AFC Asian Cup due to COVID-19
Kane double fires Tottenham to vital win over Arsenal
Zverev sees off Garin to ease into Italian Open semis
Former world champion Amir Khan retires from professional boxing
Crypto market downturn ‘timely wake-up call’
Large industry grows 7% in 3 quarters, 26.9% in March 2022
Minister for Commerce vows to extend support to textile industry
How does blockchain work?
You might have heard of people discussing “blockchain” in one or two discussions regarding bitcoin or cryptocurrency, and wonder, “what is a blockchain?”

Blockchain is a distributed peer-to-peer network structure where data is recorded digitally and shared.
In other words, in blockchain technology, users have control over data as it is a decentralized system; compared to Web2 or the worldwide web where users are mere products and controlled by an authority.
Blockchain technology is a complex concept that might be hard to understand for some individuals, especially those who aren’t familiar with IT stuff. Sometimes people call blockchain and bitcoin the same, which is quite wrong.
Seeing how much potential and opportunities it holds, having basic knowledge about the blockchain industry is essential to keep up with the fast-paced world. So here’s everything you need to know about blockchain.
How is data stored in a blockchain?
One of the main aspects of blockchain technology is data storage. Blockchain comprises two terms, ‘block’ and ‘chain.’ ‘Block’ is where all the data is stored as a public ledger, and users within the network can easily access it.
Once a block is filled with enough data and a pre-condition is met, it is completely closed and almost impossible to change. Then, a new block is created and linked to the previous block, which forms a ‘chain’.
Therefore, a blockchain is a chain of blocks containing data. Blockchain is also known as Distributed Ledger Technology (DLT).
This technology is considered to be more transparent and democratic in terms of data storage and sharing. It uses certain features and tools to ensure that data is secure and accessible. Some of the tools you should be aware of are:
Nodes: Nodes are a framework of a blockchain that stores copies of the distributed ledger. Companies and individuals use nodes to create applications and other services within a blockchain.
Smart contracts: Smart contracts are automated programs that execute when a pre-condition is met. These contracts are agreements that secure data in a block.
Blockchain technology uses smart contracts and nodes to maintain its transparency and decentralization while giving a platform for individuals to perform various transactions.
 
Example
To make it easier to understand how blockchain works and stores data, here is an example:
Google Docs has a feature where you share the link of a file with selected individuals and only they have access to the files. Everyone can edit, comment, and suggest in the file. It also has a version history that they can view to see when and who made changes.
Blockchain works the same way. It is a distributed ledger system that only a few individuals with granted permissions can access and every change made within the ledger is verified by every person within the network. Nodes is the application Google Docs itself where transactions happen and smart contracts verify data to be stored in the block.
Blockchain is the new future!
As blockchain technology records data, it has opened gateways for decentralized applications and its own finance system that is completely separate from the traditional economic system.
Businesses and industries are slowly transitioning to blockchain networks to give better service and data storage transparency to the customers. Some of the most popular blockchain networks include Bitcoin, Ethereum, Solana, Polkadot, Binance Smart Chain, and many more.
By giving data ownership back to the user, blockchain is bound to transform the future of the world.
How Blockchain can make Pakistan elections “Free and Fair”?
Every Pakistani demands “free and fair elections” to elect the President and Prime Minister of Pakistan rightfully. What if blockchain could make this demand a reality?
For the past century, the Pakistan Election Commission has been constantly struggling to earn voters’ trust. Blockchain can be the solution to all the electoral problems.
As mentioned above, blockchain technology feeds data into a digital ledger permanently, while maintaining the anonymity of the user. If it becomes part of Pakistan’s voting system, only verified ID individuals will be able to vote once anonymously and politicians can access the ledger to see the election results.
By adopting the blockchain-based electronic voting system, Pakistan can become an authentic democratic state through free and fair elections!
About Author
Asif Hameed is an overseas Pakistani who has been living in Tokyo, Japan, for 25 years. He marked his recognition in the Japanese market as a prominent businessman and start-up investor and continues to grow his business in IT-related investments, Independent Writer and Blockchain projects worldwide. Knowing the essence of Blockchain and Crypto in today’s technological ers, he start NFTStudio24.com, One solution news platform for Blockchain and the NFT world.
His Ideology
“In my own life philosophy, I think that your goal in life is to make good things happen for the people in your world, those you love, those in your neighborhood, and those throughout the world,” then you are on the right track. It is my mission to assist you in transforming your ideas into successful realities.
Japan-based Pakistani block chain company NFTStudio24 is on a mission to educate Pakistanis about Cryptocurrency, NFTs, and Blockchain technology through its platform.
For more information,
Website: https://nftstudio24.com/
Follow on twitter https://twitter.com/nftstudio24
Facebook https://www.facebook.com/nftstudio24.eth
Facebook https://www.facebook.com/asifhameed.jp/
Youtube: https://www.youtube.com/channel/UCO18Z_ft-kBWh4g7rXqqeLQ
Prev Post

Next Post

Miami’s crypto craze on full display at bitcoin conference
Bitcoin falls 6.1 percent to $47,607
Bitcoin, Ethereum fall as China declares all cryptocurrency-related transactions…
El Salvador 1st country to have Bitcoin as official currency
Bitcoin price surpasses $51,000 for first time since mid-May
Bitcoin price drops by 5% to $46,550 in second day of decline
Latest
‘Heatwave like conditions’ likely to persist in most parts of country…
China withdraws from hosting 2023 AFC Asian Cup due to COVID-19
Imran Khan not allowed to hurt sentiments of minorities: Maryam Nawaz
State won’t allow anyone to use religious places of minorities…
Crypto market downturn ‘timely wake-up call’
Large industry grows 7% in 3 quarters, 26.9% in March 2022
Govt to complete constitutional tenure: Marriyum Aurangzeb
NATO foreign ministers to meet in Berlin for talks on Ukraine
Girl allegedly abducted during stampede after Karachi blast
Minister for Commerce vows to extend support to textile industry
Crypto market downturn ‘timely wake-up call’
Large industry grows 7% in 3 quarters, 26.9% in March 2022
Minister for Commerce vows to extend support to textile industry
ANF seizes 4kg suspicious material
Naveed Qamar vows to extend support to textile industry
Ogra announces up to 40.63pc hike in RLNG prices for May
Stock market gains 588 points
Rupee slumps to Rs193.1 against dollar
Pakistan’s rice exports to China surpass 466,000 tonnes in first quarter
Private sector critical stakeholder in economic development: LCCI chief
This website uses cookies to improve your experience. We’ll assume you’re ok with this, but you can opt-out if you wish. Accept Read More
NATO foreign ministers to meet in Berlin for talks on Ukraine
27 dead in Delhi fire: Indian emergency services
UAE’s ailing President Sheikh Khalifa dies aged 73
10 killed in deadliest recent Syria rebel attack
Minister for Commerce vows to extend support to textile industry
Five new talents to watch at Cannes
In new album, Kendrick Lamar delivers introspection and biting social critique
Austrian glaciers likely to disappear by end of century with climate change
China withdraws from hosting 2023 AFC Asian Cup due to COVID-19
Kane double fires Tottenham to vital win over Arsenal
Zverev sees off Garin to ease into Italian Open semis
Former world champion Amir Khan retires from professional boxing
Crypto market downturn ‘timely wake-up call’
Large industry grows 7% in 3 quarters, 26.9% in March 2022
Minister for Commerce vows to extend support to textile industry
How does blockchain work?

source