Episode 2: How Blockchain Adds Trust?

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So today’s topic is: How Blockchain adds Trust?

AD-Blockchain-Council-01

So Blockchain is a peer-to-peer technology which organizes or record transactions in such a way that anyone cannot modify it without notice by others. That means if some information has been recorded in the Blockchain ledger there is no possible way to silently affect the records making the whole Blockchain ledger tampered and corrupted.

Because in Blockchain each node is following the longest chain and each tampering actually reduce the size of the Blockchain it becomes impossible for the whole network to accept the modified Blockchain.

So you must be thinking then why can’t the hacker replicate the whole remaining blocks & keep his modified Blockchain longer so that the entire network follow that modified one.

Well, that’s when the mining difficulty comes into the picture, adding a new Blockchain a computationally expensive task & replicate the whole chain may be worth hundreds of millions of dollars. So that hacker must have a substantial reason to invest hundreds of million dollars & must be very lucky to do that.

This whole scenario that anyone can not tamper blockchain records makes the entire technology very trusted & reliable. This technology ad the trust to anything that is being recorded as information. It can be the digest of a document, a signed message, monetary transactions like Bitcoin payment, etc. which requires trust & Blockchain does offer it without much work.

So to summarize everything I just explained, Due to incorruptible ledger Blockchain ads trust on the information that is being recorded in the Blockchain.

Please post your comments in the comment section if you want to discuss this.

Thank you.

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I am a Blockchain Researcher, Developer & Consultant. Founded Allchains, Blockchain-as-a-Service Company. Earlier founded SaaS-based mobile application security company Wegilant (Appvigil). I am very passionate about new technologies like Blockchain, IOT, Application Security, AI etc. I am also the part of Forbes 30 Under 30 list of 2016 in Technology.