Blockchain for Dummies
Before getting into what is blockchain let me clear some points here
Bitcoin isn’t blockchain , Blockchain is one of the underlying technology behind the Bitcoin.
Blockchain cannot replace traditional database , Data in Blockchain is immutable which means data once written cannot be erased or replaced. While traditional Database didn’t exhibit immutability.
Blockchain cannot solve every problem exists in World , Even though blockchain promise to solve the problems related to Finance , Centralization , Governance but it is clear that one cannot use Blockchain in every problem that exists in World.
Blockchain is a series of immutable blocks placed in chronological order of their mining. Blocks are packages of data whose value after mining cannot be changed. All the blocks are chained together with help of Cryptography Hash Function.
Before starting the series of blogs on blockchain lets clear our vocabulary on Blockchain.
- Immutable : No participant can change the data once it is recorded in Blockchain.
- Distributed Ledger Technology : Distributed ledger technology (DLT) is a digital system for recording the transaction of assets in which the transactions and their details are recorded in multiple places at the same time.
- Decentralization : Decentralization refers to the transfer of control and decision-making from a centralized entity (individual, organization, or group thereof) to a distributed network.
DYOR (Do your own Research) :
After watching below video and brainstorm what idea can change society apart from all the cases shared in Video.
Lets end this with Blog with another statement that’s quite relatable.
Until we connect next time with a blog on Understanding Block. Lets have a layman post for what is Blockchain.
