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Blockchain Basic I

What is Blockchain?

A blockchain is a distributed ledger that stores information in digital format. Blockchain works on distributed ledger technology because it is shared among nodes of computer networks.

Blockchain is transparent and decentralized. There is no single authority that hides or controls the Blockchain network.

Block + Chain

A block is storage which stores data of every transaction in a blockchain digitally. Every blockchain consists of multiple blocks since a single block has a specific capacity to store data. When a block is filled, upcoming data will be added to a new block.

Each new block connects to the previous block to form a chain. Data stored on the blockchain is irreversible, immutable, and cannot be altered.

Nodes

Nodes are individual computer systems that take part in a particular blockchain network

Popular Types of Blockchain

Public Blockchain: Public blockchains are permissionless, meaning anyone can participate in the blockchain network. No single entity has control over the blockchain network.

Private Blockchain: Private blockchains have an administrator who controls the network. Hence, participants need permission to read, write and join the blockchain network.

Popular Applications of Blockchain

  1. Cryptocurrency transactions are stored on Blockchain

2. Storage and exchange of different digital assets and data

3. Cross border payments

4. Healthcare sector store and manage data

5. Supply chain to control logistic data and movement of goods

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