An introduction to Blockchain Technology

You may have heard the term “blockchain technology” before, or in reference to Bitcoin or associated with cryptocurrencies.

For the uninitiated, the term might seem abstract with little real meaning on the surface. However, Blockchain is a concept and Bitcoin is the implementation of that concept.

The hype around the technology is seemingly new and it seems to be here for a long as it has a great impact on the next few decades.

It’s a technology that has many applications and holds vast promise for every business, society and individual who’s going through this post.

In order to get more insights regarding this promising technology, let’s try to understand exactly what is blockchain.

It’s a collection of records that is controlled and managed by a community of users, rather than relying on a single entity. That is, in blockchain a community of users controls how the record of information is amended and updated instead of a single centralized authority

In conventional data storage’s running on distributed networks is most often uses a client-server network architecture. Here, a user (known as a client) with permissions associated can modify data, which is stored on a centralized server. By changing the ‘master copy’, the user will get the updated version of the database entry whenever they access the database using their computer.

And the control of the database remains with a designated authority, which authenticates client’s credentials before providing access to the database. That is, here, all the important rights and powers are in the hands of the top-level management or to a central authority. Since this authority is responsible for administration of the database, and if the security of the authority is compromised, the data can be altered, or even deleted.

This is not at all the same as with a blockchain.

In Blockchain there is no centralized tale of this impression exists for a geek to corrupt. it is totally “decentralized”, means the blockchain ledger is shared among all around the world, not in one central location and the verification comes from the consensus of multiple users.

This is basically a blockchain.

At its heart, blockchain is a record of transactions, like a traditional ledger. That is, Blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. These transactions can be any movement of money, goods or secure data. Blockchain maintains a continuously growing list of ordered records called blocks which is a collection of data. And each piece of data is added to the blockchain by connecting one block after another in a chronological way. And this series of connected blocks one after another makes it a chain of blocks (i.e. a blockchain).

So, here’s the summary:

Blockchain is a digital data storage system where data is recorded by using a logbook approach with the following essential characteristics: Ordered, Incremental, Sound (cryptographically verifiable up to a given block) and Digital.

And this is why Blockchain is unique.

Related posts:

Wondering how blockchain can impact electoral voting? You have landed on the right page. This article explains the concept of voting mechanism, explaining blockchain and its current use cases, and…

And if him being drunk wasn’t bad enough, once we sat down for brunch in one of those overpriced London cafés where a small coffee costs five pounds and tastes like sewage, he told me something that…

Put the three words on the board in alphabetical order, her teacher said. Askance, Avalanche, Aardvark. The letters swam, making no sense. But maybe… Assign number values to the letters. Arrange the…