• hrventuresbd@gmail.com
  • +8801958155254, +8801953029677, +8801879901545

BLOG DETAIL

Home Blogs What is Blockchain? And Bangladesh perspective
What is Blockchain? And Bangladesh perspective

What is Blockchain? And Bangladesh perspective

09-Jun-2021

What is Blockchain?

From time immemorial, people have been communicating with each other in pursuit of their needs, be it goods, services, or anything else. At the beginning of the exchange, people used only goods as exchanges. But after a while the problem arises, people are reluctant to take the product in exchange. People use different methods to solve this problem. Discovery is either money or currency. Currency is the one who has the deposit and can take the goods or services at any other time. However, in the non-modern era, this money or currency had many limitations and still has. This type of currency exchange has to face various problems in the current digital age. Such as:The same type of currency is not common in all countries, servers may fail during the transaction, lack of money or crisis may occur, fatal error may occur, accounts may be hacked, there may be a maximum limit on exchanges, may have the service charges etc.


So what is the way to solve such problems? Blockchain. But what is blockchain?

Blockchain is a virtual currency or many people know it as an encrypted currency system. Some of its special features exist. For example: immune to counterfeiting, no central authority (only the owner preserves the rights), complex and strong algorithms are used for protection in the online world. Simply say, in the online world, the process of generating virtual currency is characterized as a blockchain (which includes not only currency but also services). However, its processing is quite complex.


How are Blockchain processes?

All currency exchange data is stored in one block. With which a private key is attached. Only the owner is the prime user and ruler of this block. The block is encrypted by adding a private key. It is then linked to blockchain networks around the world by adding a public key. This work is done by a miner, whose job is to protect the block (details of information), by solving complex mathematics. The most important thing in the blockchain is algorithms and security.


How does blockchain transact?

Chains or links are needed to exchange blocks. Which we know as the blockchain. However, there are a few things to keep in mind when exchanging: First, the record is a very important tropic for the blockchain. Basically blockchain deals with data records. In fact, record updating, preservation and protection are the main services of the blockchain. The second thing to keep in mind is the connection. Blockchain makes it possible to create both private and public connections between those to whom information records will be shared. Although in third place, the most important thing for a blockchain is that security or information is unchangeable. This feature is the reason why hackers cannot change the information of the blockchain. It uses many complex algorithms. Most of these algorithms are written in Python. So learning the Python language is very important in blockchain.


Suppose four people have to exchange currency. Those are people 1, people 2, people 3, people 4. or simply p1, p2, p3, p4.

P1, p2, p3 everyone has $ 3.

P4 has $ 4.

P1, p2, p3 each gave p4 $ 2. The financial amount of p4 stood at $ 10.

Details will be written in a block when P1 makes that transition to p4. It is called Ledger. This ledger will be visible to everyone involved in the exchange of information. And it will be protected through a complex algorithm. As a result, no one can change it even if they want to. Thus p2, p3 when each will make a currency transaction to p4 a separate ledger will be created and it will be written in blocks. These blocks will be connected through chains. We noted it as the blockchain.


Some of these popular blockchains are Bitcoin, Ethereum, c cache light coin etc. They use a variety of algorithms to protect it. For example: Bitcoin uses SHA256, Ethereum uses some popular technology called ethash.


Use of Blockchain

The use of blockchain is increasing in different sectors keeping pace with the times. Its use is increasing day by day especially from emergency services to the school level. The use of blockchain in bank transactions has been very responsive. Especially in the case of transactions, its use for availability, reliability, and security is very visible. The banking sector is also showing keen interest in creating this digital currency and its multifaceted use. Its use in the banking sector is becoming very popular day by day as there is no country-wise barrier in transactions.


Use of blockchain is also seen in the case of identity management. Identity is managed using various security secrets through the hash algorithm, so its use is very unique. It is less likely to match data cross. Identity Management can be easily managed using Python's various data forms.


The supply chain is a very important figure in the business field. If the supply chain is not maintained properly, there is a risk of serious trouble. By massaging the supply chain through blockchain, the position and quality of the product in each state can be understood. And action can be taken accordingly. This type of use of blockchain in the supply of goods around the world is very common in large companies. Developers are working in various ways to make this service available locally.


The use of blockchain is not less in the case of manufacturing provenance. Especially near the end of any raw material. The use of blockchain in the calculation of how much to import is quite noticeable. Moreover, the data record of blockchain comes in handy for increasing manufacturing benefits.


Nowadays, the governments of different countries are showing great interest in using blockchain in various public services. Managing public services through blockchains reduces the cost of many sectors of government. At the same time, the use of blockchain has led to many improvements in the quality of service in the public sector. In addition to these, the use of blockchain in various types of transactional business is increasing.


Some of the benefits of blockchain

The main advantage of blockchain is its security. The use of blockchain is so secure that even a large-scale hacker cannot easily back up its security. This is the main reason why the credibility and acceptability of blockchain are increasing day by day.


Hackers can not destroy its record in any way, even the fraud personals. Because its algorithm is very complex and data mining is very good in the blockchain. Due to which the members of the fraud ring cannot easily attack the chain of the blockchain.


Also one of the main advantages of blockchain is that it does not require any third-party assistance in exchange. Anyone doesn't even have to count for free. For example, if someone wants to get money or service in the bank, he/she must have to pay a fee. There is no such point in the blockchain. This means that one's currency can be used at will. Suppose someone has some dollars. He can give it directly to anyone if he wants. Blockchain's service is just like that. Users can use it as they wish.


Blockchain is also quite advanced in terms of speed and accuracy. The service is available very fast through blockchain like email. At the same time, the cost is very low.


Blockchain Developers

The use of blockchain in business and government departments for multidimensional use is increasing day by day. So choosing a blockchain in the current era of artificial intelligence as a professional career will not be a bad choice in any part. It is a dynamic technology. Growing development has spread all over the world like a big tree. Everyone is eager to stand under its shadow.


Blockchain developers are usually of two types.

1. Core developer

2. Blockchain software developer

Core developers usually work with algorithms and security. At the same time, they have ideas about something. For example programming language, Object-oriented programming, Single and relational database, Link list, Networking.

Blockchain software developers usually ensure the use of blockchain in web applications.


Blockchain Company in Bangladesh

* Intelligent Machine Limited

* Dream soft tech BD

* Orion Informatics LTD

* BJIT Group

* Code suffer LTD


Blockchain in Bangladesh

For the second time, a business problem-solving competition conference was held at the Bangabandhu International Conference Center hosted by Blockchain Olympiad Bangladesh.40 different teams from all over the country were selected for the competition by students who study in different universities of the country. Although 256 applications were submitted from 70 universities, in the end, 40 applications were selected. Earlier, in April last year, the first black chain competition was held in the country. Head of ICT department of Bangladesh Zunaid Ahmed Palak was present at the conference. Who introduced blockchain as foundation technology and called for the use of blockchain in the 4th industrial revolution.


At the same time, another important issue is that the International Blockchain Olympiad will be held in July under the ICT Department of Bangladesh for three days & foreign blockchain experts will be present. Besides, sponsorships and prize money will be distributed through this event, so that the youth show interest in this technology.

In Bangladesh, the use of blockchain has already started in the primary school teachers' pension system under BCC.