Nowadays there is talk of cryptocurrency, digital currency and blockchain. In most places, both 'cryptocurrency' and 'digital currency', people sometimes understand the same thing, but this is not the case. Where there is a governing body in digital currency, recognized by the authority of a state and has an inherent value is valid currency, while it is not guaranteed and not found these features in cryptocurrency. As the name suggests, cryptocurrencies are crypto meaning secret. Another thing in the case of cryptocurrency is that after issuing it, the issuer also has no rights in it while in digital currency issuer have. There is no regulator of any kind in cryptocurrency, no issuer, and there is no such case of like demonetization. It can be said that where digital currency is official, cryptocurrency is social currency, yes, it is not a private currency, it is social currency, because there is no owner of this currency and all participants are owners. That is why this currency establishes itself beyond the definitions and boundaries of nationalism.
Now the question arises that when there is no owner, no regulator of cryptocurrency then how can such an independent currency be trusted? There is no owner of it, no idea is available! This trust deficit is being removed by world most famous and trusted technology i.e. blockchain technology; this currency base is block chain which you can call an online ledger with strong privacy and security which is almost unbreakable.
Blockchain which literally means a chained garland of different blocks (blocks / section) which you can also call Khandamala in hindi. In the current context, the blockchain that we are talking about is a block of information. This is a special type of database that is different from our usual database of understanding, in which information is threaded in the same way as we string beads. As the beads are interlocked with one pearl after the other and no next pearl can be interlocked from the middle to the it, and to be threaded as the next pearl of the last pearl, just like the blockchain works, information stored in a section of information and form an info box one by one when filled with information, which is further digitally converted into a crypto code, no information can be inserted from the middle to create a new crypto code garland as the pearl cannot be intertwined in the middle.
This is the "blockchain," based record keeping technology behind cryptocurrency networks. As soon as a new data of the new deal arrives, a new block is entered. Once that block is filled with data, it is joined to the previous block like a pearl of a garland, one after another and it makes a garland together in chronological order. The entire collection of deals is in the form of a block in a series and behind it, marking both the transaction footprint and the time stamp, who really has the key to it, who had it before, where did it come from, where did it go, everything keeps connecting. And this chronological order of information, block-shaped information that has a one-step foot print and synchronization is universally accessible and decentralized for anyone, anyone can see it from anywhere. And this universality is both blockchain and cryptocurrency makes it highly transparent and to a large extent democratic even after being beyond the limits of regulatory and nationalism.
In the case of cryptocurrency, blockchain is used in a decentralized manner so that no individual or group has control, rather, all users collectively retain control. Decentralized blockchains are immutable transactions are recorded permanently and anyone can see.
To understand this, we have to understand how it is different from a database. Generally, databases are neither decentralized and nor universally accessible, and the way data is structured in a database and a blockchain, is different. A blockchain creates a block of information and thus groups together information into a bunch, also known as block. This block has some storage capacity and, when filled, moves to the previously filled block. All new information that is compiled into a newly formed block is also chained.
While a database generally structures its data into tables or can speak in a computer and not in chunks or (blocks) that is why all blockchains are databases but not all databases are blockchains. Database can be a table, at one place at a time, the same can happen on a computer, while the blockchain is clearly defined.
For the purpose of understanding how the blockchain differs from the database, it needs to be seen in the context of how it has been implemented by bitcoin. Like databases, bitcoin needs to be stored on a computer to store its blockchain, but there is no one owner or operator of this computer, this computer in neither at one place nor under one roof. In this, data is stored in thousands of computers simultaneously in many corners of the world and each computer or group of computers is operated by a different person or group of people. Imagine that a company has a server consisting of 10,000 computers, which contains all of its client's account information. This company has a warehouse with all these computers under one roof and the company has complete control over each of these computers and all the information contained within them. Think how risky it is in terms of security and transparency of information if something odd happen. While Bitcoin consists of thousands of computers, each computer or group of computers that hold its blockchain has its own separate geographical location, all of which are operated by different individuals or groups of people, and are used by someone. There is no control of an individual or groups. These computers with a network of bitcoins are called nodes. In a blockchain, each node has a complete record of the data that has been stored on the blockchain since its inception. For bitcoin, data is the complete history of all bitcoin transactions. If there is an error in the data of a node, it can use thousands of nodes to correct itself as a reference point. In this way, no node within the network can change the information contained within it, because the remaining thousands of nodes (computers) automatically recheck it at the time of transaction, so that they find out if there is an error or someone has made a breach. And that error can be corrected by matching and reconciliation. So, it is unchangeable and secure, with thousands of computers being protected from information, one or a few computers may not tamper with it until the whole or more than half of the computers have been tampered as it would be too expensive and impractical.
That is why this system is gaining recognition and due to this model of cryptocurrency the blockchain is called the most secure, universal, public and decentralized. Blockchain is currently being used more in cryptocurrencies but it can also hold various information such as legal contracts, identity cards, or company product listings and in addition to the current form of cryptocurrency this blockchain technology may be used by private, centralized blockchains, sole proprietorships, as the technology will remain the same just decide whether to use public all-inclusive transparent decentralized system or private and centralized.
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