Blockchain Algorithm
Blockchain is a disruptive technology that means changing a system completely. This technology has become famous mainly for trust. For example, defining original products, transparency in grant system, data not being under the control of big companies etc.
A one-way encrypted value is generated using the SHA256 hashing algorithm on the blockchain. One-way means that value can no longer be decrypted. SHA256 generates a 256-bit value by 4 bits for a total of 64 characters. Each block in the blockchain holds the hash value of its previous block as a link. Any data update of the block has to change the hash value, due to which data modification is not possible in the blockchain.
When someone requests data in the blockchain, he can request to any node and request to all nodes in the chain. Nodes are the devices on which the blockchain network is installed. Here data fetch facility works like torrent means to fetch data from multiple servers at the same time. To understand blockchain, you need to understand the systems that work on blockchain.
Systems running on blockchain
Key difference between bank’s digital payment system and cryptocurrency – Let’s say you have a digital payment account, like – Bikash cash or various types of cards from any bank. Let’s say your friend A sends 20 rupees, friend B 10 rupees and friend C 5 rupees in your account. Total is 35 taka, now you went to any outlet to buy coke for 15 taka, paid through digital payment system. Here the payment system is like this – 15 taka will be deducted from the total of 35 taka. This is how we are making digital payments and we consider this as a normal system.
But cryptocurrency payments cannot be made in this way. Here cryptocurrency is our real life payment system. You have a note of 20, 10, 5 rupees each, either you give 2 notes of 10 + 5 rupees or give a note of 20 rupees then the shopkeeper will give you back 5 rupees. In real life we operate based on some limited notes like 5,10,20,50,100,200,500, but in cryptocurrency each transaction is one note. Maybe it’s a fraction.
The resulting advantage is that real-life notes have a unique value, such as f 1029381. Likewise, in cryptocurrency, each note has a unique ID, which makes it possible to digitally track that note to specific features.
What is the blockchain smart contract?
We know contract means contract. A smart contract is a security facility for signing contracts digitally where no middleman will work. We are constantly contracting digitally. How? This is such a drawer. We order products online from any Daraj shop. If we want, we can also order directly from that shop.
But here Daraj is playing a fiduciary role as I have no idea about that shop so if I get no product or fake product then I will get money back from Daraj. It is not happening for free. Daraj charges an average 10% commission fee.
It is not a physical asset but there are many services that are completely virtual, such as someone offering to verify your ID, for a fee. We are being cheated with many such services on Facebook. There are many international marketplaces for these services digitally but they charge an average of 20% commission.
Another disadvantage of middleware marketplaces is that you cannot set any terms and conditions yourself. You are just contracting digitally but setting the terms and conditions verbally. So even if there is any trouble here, when a middle person reviews the matter, you may not get justice just because of the difference in the words of both of you.
This is where if you contract digitally through smart contract then no middleman is needed + you can set your own logic (terms and conditions) and don’t have to pay so much commission fee, you can complete the work for a small fee just to add the block to the blockchain. .
A big example is the amount of hassle we have to deal with when we buy and sell land, but with smart contracts you can complete any purchase and sale instantly.
Unix Timestamp:
In this article we will know about Unix Timestamp which is directly stored in blockchain without converting its original value. Almost all applications use Unix Timestamp to tell you the time.
It started on January 1, 1970. This means that a value is generated counting every second from that time. To understand better, suppose now the value of time is 300, after 1 minute it will be 360 because 1 minute is 60 seconds.
The current value of Unix Timestamp is 1645275986 (at the moment I am writing this article). All applications convert this time to 00:00:00 for your convenience. But the actual value of the Unix Timestamp is added to the blockchain.
There is also a problem with this Unix Timestamp, which is that it starts to be stored in 32 bits when it starts being stored, so it will show the correct time until January 19, 2038, after which the Timestamp value will increase from 32 bits.
So then those who will use something of 32 bit in application architecture like – we know Windows has 32 bit, 64 bit operating system. Then those who use 32 bit will not get the correct time. Since then, no decision has been made whether to start using a new method or to move timestamps from 32-bit to 64-bit.
Checkout this article: How blockchain technology works & Benefits & Popularity!
