Download PDF Essay on blockchain technology

If you guys are searching for an essay on blockchain technology for any class then you can read our blog post and write a perfect essay for your school and college.

essay on blockchain technology
essay on blockchain technology

essay on blockchain technology


What is blockchain technology?

 Now you must be wondering what is this Data Base, then let me tell you that Data Base is a collection of many information which is stored electronically in a computer.

The biggest advantage of Data Base is that many people can use it at once, the purpose of blockchain is to record digital information and reach people easily.

But once the information that is stored in the blockchain cannot be changed back and also due to the blockchain being decentralized, it is not under the control of any one person or organization, which makes it the most different and unique.

Whatever information is usually kept in the computer, it can be easily changed because it is under the control of a person or organization. Because of this, it becomes much easier to commit fraud.

Blockchain collects information in groups and each block has the ability to collect information, as soon as the information in one block is completely filled, it connects to the other block and so on.

Due to this, a very big data chain is formed, which we call blockchain.

Beginning of Blockchain

Famous Cryptographer David Chaum proposed a protocol like Blockchain in the year 1984, which was furthered by Stuart Haber and W. Scott Stornetta in the year 1991, they wanted to create a system in which the information kept could not be tampered with.

 he was also successful, but at that time Blockchain Technology was much ahead of its time. Blockchain got real recognition after the year 2009 when a person or group named Satoshi Nakamoto discovered Bitcoin.

And used Blockchain Technology in Bitcoin, and since then till today there is a time when everyone is talking about Blockchain and it is being used in many places.

Types of Blockchain Technology 

Blockchain Technology is mainly of 3 types 1- Public Blockchain, 2- Private Blockchain, and 3- Hybrid Blockchain, let us understand these four types.

1. Public Blockchain

As the name itself suggests, Public means anyone can use this public blockchain. Bitcoin, Ethereum, Litecoin etc. are all public blockchains, in which whatever information is collected in the network is not stored in one place but is stored in many computers which we also call Nodes.

If you have a good internet connection, then you can also become a part of the public blockchain, after which you will get all the records of the activities that have happened in that network so far and you will be able to do mining as well.

2. Private Blockchain

The way Public Blockchain is Open Source, Private Blockchain is just the opposite, it is a Closed Source network for which you have to take permission to use. 

That's why only selected people can use this network, although Private Blockchain works like Public Blockchain, but it works within a radius so that not everyone can use it.

It's most commonly used by companies or big organizations for voting, supply chain management, or using a digital identity Because in today's time it is very important for any company to have a digital identity.. Hyperledger, Multichain, and Ripple are examples of private blockchains.

3. Hybrid Blockchain

Hybrid blockchain technology is created by combining both public and private blockchain technology. With the help of this technology, any authority decides which information to make public and which private. Generally, the records or information that is there in hybrid blockchain technology is not made public, but it is verified in public blockchain technology.

How does blockchain technology work?

Blockchain works on three bases blocks, miners, and nodes. Let us know about these three in detail.

Block, as you know, is made up of many blocks in Blockchain, in which data is collected, each block has a different hash number, which is linked to the previous block, and this hash is created when a transaction is made. it occurs.

If someone tries to tamper with these blocks, then these hash numbers change, so that it can be easily known that someone has tampered with the block.

Miners The miner has a very important role in the blockchain because it is the miner who creates the new block by mining it.

The miner verifies this information, now for this, the miner has to extract the information about whatever Transaction Data is there in that block, which is like a Mathematical Puzzle that is solved only with the help of a computer.

But it is not as easy as it sounds or looks, after extracting the information of the block, the miner gives it a hash number which is different for all the blocks.

And the hash number of each block is linked to the previous block, for example, let's take two blocks Block A and Block B. Now to verify Block A, the miner will first have to extract its Transaction details and then the miner will give it a Will give a hash number which we consider as hash A.

Now in the same way the miner extracts the Transaction details of Block B and gives it hash number hash B. Now, this hash B which is the previous hash A will be made up of that i.e. hash B + hash A.

Now whatever transaction will happen next will be linked to hash B, if the hacker attacks hash A and try to change that hash number then hash B will also change with it because it is linked to hash A and so on All subsequent blocks will also be changed.

Advantages of Blockchain Technology

  • security

Blockchain Technology is an Open Source platform, in which whatever activity takes place from transaction to transaction is present in the public. Due to this, it becomes almost impossible to fraud in it, all the nodes that are in it keep an eye on every activity, and as soon as there is some change in it, they get to know immediately.

  • Traceability

The most special thing about Blockchain Technology is that whatever activity takes place in it can be easily traced, like when any transaction took place, how much amount was transacted, and to whom it was done, all these can be easily traced. Could.

  • No 3rd Party

Being Decentralized, there is no need for any 3rd party in Blockchain, where Rupee, Dollar, and Euro are under the control of the government, and the same cryptocurrency is not under anyone's control due to Blockchain technology.

Disadvantages of Blockchain Technology

  • cost

Using blockchain technology is very expensive, if you use it, then you have to pay network fees to use it, which is very high.

Although there are many blockchain platforms that have found a solution to this, this problem still persists in major cryptocurrencies such as bitcoin and Ethereum.

  • high power

There are still many blockchain platforms that use a lot of electricity and the biggest example of this is the world's most famous cryptocurrency Bitcoin which works on Proof of Work.

Countries like UAE, and the Netherlands do not use electricity in a year, Bitcoin uses more electricity in a year, which is a matter of great concern.

  • Immutable

Once the data that goes into the blockchain cannot be changed back, suppose you have 10 bitcoins, out of which you want to sell 5 bitcoins worth crores, but you send them to the wrong address and by mistake, You send 10 bitcoins instead of one.

So once this transaction is done, it cannot be returned. That is to say in clear words, now all your bitcoins are lost, you forget them.

Here you cannot even complain to anyone because this is a decentralized system, no one controls it, so there will be no one here to listen to your complaint. And this is its biggest disadvantage.


Here in this post, we talk about all the related information to blockchain technology so that you can use this information and write a perfect essay on it.

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