After going through lots of content on blockchain here is what I could pen down for a layman to get a gist of it, hope you enjoy this read 🙂
Blockchain technology is the revolution world has woken up to in the recent past, it’s not as difficult as it seems to be and not as easy as it looks like.
First proposed as a research project in 1991, blockchain has had a bumpy ride and is finally getting its due in the early 30s of its life 💁♂️ mostly because of mentions in the Crypto world.
One of the simplest definitions of blockchain I found on the internet is, it is the Evolution of Record Keeping and Tracking data basically a modern version of a database.
What distinguishes Blockchain is the way data is stored!
In a blockchain, data is stored in blocks 🧱and these blocks are connected to each other by a unique key called hash in a form of a chain — hence BLOCKCHAIN.
One of the key parts of the block apart from the data stored is the address to the last block, acting like an actual chain.
In the past, there used to be a person specially assigned for filling up the ledger, or even today we have data entry jobs, there is a good chance of human error as these jobs create fatigue + there can be corruption too, error humans like to make 🥲
ENTER BLOCKCHAIN 🥳
No longer do we need to trust this person as blockchain enables a network of computers called nodes spread across the world, these nodes are connected to each other, completely decentralizing the process i.e there is no central authority or person who has the power to make changes, the power is transferred to the nodes.
A node is the responsibility of a person called a miner 👩💻, a miner’s chief duty is to make sure the node has a stable supply of electricity. A miner does not have access to any of the information stored in the blocks.
Blockchain can be called a fraud-proof system because –
- It is difficult to change the existing data in the block or even add more data for a fraudster as the nodes have to solve an equation to confirm the legibility of the transaction before any change in the chain. 🤓
- A slight mutation or change in the blocks can be caught in a jiffy as the data in the block changes hence the hash of the block changes which no longer fits in the chain. 🤨
- It’s evident that there has been some mutation, which cannot be hidden. 🤥
This way blockchain allows a trusted transaction method without a central authority.
Concluding, blockchain has the ability to transform our reality - from finance, supply change management, health care, and almost every domain that is, blockchain is here to stay and fill the trust void elevated by the internet. 🤞🏻
I will continue to write simple yet byte-sized content as I deep dive into the world of decentralization. You can reach out to me on Twitter in case of doubts, feedback or just to say Hi 🧚
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