Blockchain - Introduction

Following gives a simple layman definition of Blockchain
  • A shared ledger (record of collection of  transactions). It contains all transaction taken place since beginning and are publicly accessible to everyone.
  • Stored on a distributed environment using the peer-to-peer technologies
  • Blockchain network ensure that multiple nodes can securely communicates with each other
  • Whoever opt to participate in the blockchain network will have a copy complete ledger / blockchain
There are many blockchain available which share some common properties but works in a different way however the first and the most prominent blockchain is Bitcoin.

Understanding bitcoin is recommended to understand basic concept of blockchain. By learning underlying technology of bitcoin, we can learn of how blockchain technology works and it can allow us to understand other blockchain technologies.

Following details the high level concept of Bitcoin blockchain. 
  • A Bitcoin blockchain is the ledger of all transaction taken place since beginning till dates.
  • All transaction are stored in Bitcoin blockchain in the form of blocks
  • The ledger is distributed among the bitcoin node holding the copy of the chain
  • As soon as transactions are processed by the node, they are added in the bitcoin as a new blocks of transactions.
  • All these blocks and transactions are stored in blockchain securely using the cryptography.
  • Everyone can see transactions inside the blockchain but they are securely stored and it is impossible for anyone to alter or modify the stored transactions.
  • Each bitcoin nodes validates the data stored in blockchain and prevent any modification to avoid in the fraud etc.

Blockchain has many use cases in the real world scenarios including
  • Gambling sites
  • Personal finance
  • Self executing contracts
  • Lottery
  • Smart contracts




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