Role of Open source Development in Blockchain Technology
Most of the software code that serves as the base of blockchain development processes uses open-source software. Developers all across the world contribute immensely to creating, managing, and expanding on open–source software. As a result, these open-source approach creates opportunities for users to make optimum use of blockchain technology.
What Is Open Source Software?
The open-source software is created by multiple developers collaboratively to make codes available for everyone for free. These codes are published in a transparent way, thus they are not owned by any specific authority. Since most of the underlying source code used in the blockchain is open therefore many developers eye for it.
The moment a bug, flaw, or any potential loophole gets uncovered the whole community of developers works together to fix it. Thus, open-source code /software is the result of the collaborative efforts of developers in the community. Hence, the decentralization of cod development makes the entire blockchain development process sturdy and reliable.
How Open Source Works For Blockchain Development
The blockchain is the open–source and is made up of three parts which can be defined as :
Blockchain technology uses cryptographic keys – public and private keys to access the wallet in the case of cryptocurrency. The public key is the credentials that everyone knows over the distributed network whereas the private key is only meant for individuals. Upon accessing the wallet one can conduct transactions such as transferring cryptocurrency over the network.
The transaction that takes place using cryptographic keys is then recorded digitally in the distributed ledger. Each block in the blockchain comprises has that helps to identify the chains in chronicle order. As a result, it makes the blocks independently verifiable which means they cannot be broken. Such change can be verified by anyone accessing the network.
The information contained in the blocks is spread across everyone over the network. It is not stored in any one place but instead in hundreds and thousands of places which makes the verification process accurate. Alongside this, hacking the system would also become exceptionally difficult. It would require access to all those records that are spread across all network participants.
Importance of Open Source For Blockchain Development
Recently, the industry giant IBM termed “ Blockchain as a Service” based on the Hyperledger Fabric, which is an open–source technology. The service then allowed users to build their own secure blockchain network which in turn paved the way for the roads full of possibilities for virtual transactions. Some of the popular reasons why open source has great importance for blockchain development are as follows -
- Open source unleashes the potential of the blockchain technology
- Open source ensures transparency and security for the code/development process.
- Open source emphasizes democratizing the currencies and all forms of decision-making.
Blockchain development is an interesting concept but requires immense expertise from blockchain developers to make the best use of open-source code. So, if you have an interesting blockchain project in your mind and seeking the expertise of Web 3.0 developers then visit us at www.esrotlabs.com.