What Is Blockchain?| Basic Information

What Is Blockchain? 

I welcome all of you in a series of blockchain tutorials and that is going to be the first one in which I will talk about “What is blockchain?”I will try to remain simple and focus on the main points so that it becomes easy to understand. This will be a series of posts in which I will explain all about blockchain. This is going to be based on my research and studies. So let's start.

Blockchain is a distributed ledger that helps in moving cryptocurrencies like bitcoin, etherium, Ripple, etc from one person to another person by using cryptography technology. It was founded by a group of researchers in 1991 but it was not famous until Satoshi Nakamoto used it in moving bitcoin from one person to another in 2019. There is also proof that blockchain technology was being used in the card game in the 1980s. 

A lot of people especially new people are mistakenly mixing blockchain with bitcoin. So here I want to clarify that bitcoin is a digital cryptocurrency that runs on blockchain technology.

There are alot of cryptocurrencies in the market like according to the famous website Coinmarketcap, there are 4883 cryptocurrencies listed on coinmarketcap and these all are listed on at least two exchanges and with $10k volume. All these cryptocurrencies are running on blockchain as

• Bitcoin runs on Bitblockchain

• Etherium and erc20 tokens run on etherium blockchain

• Neo runs on its own blockchain called Neo blockchain

Blockchain term block or chain represents digital information like transaction time, sender address, receiver address, and transaction address. All these pieces of information are stored in these blocks which are present in a chain-like arrangement. There is no third party to control this information like in the case of banks where there is a third party to control all this information. So, it makes all transactions secure and safe from one person to another person which attracts the people very much.

The data which is stored on the blockchain is encrypted, secure and available to the general public but authorized people use the asset present on the blockchain. When the transaction is set on the blockchain then it is impossible to alter it or stop it unless double spending is not done. But it is very difficult to attain double spending which I will talk about this in my next posts. To be continued….

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