Understanding The Blockchain
Learning a new concept or skill can be a daunting task, especially when it’s riddled with complexity and doused in technical jargon. However, one of best ways to learn no matter the complexity of a given subject, is by sharing the fundamentals surrounding that subject with someone else.
To date one of the most talked about topics on a global scale is Blockchain technology and the excitement surrounding the innovation. Unfortunately, it’s particularly difficult for many newcomers to become enthusiastic as they struggle understand much of what is being discussed, reminiscent of trying to learn a foreign language.
This article might serve to provide a basic understanding inorder to add to anyone’s tool belt of knowledge in effort to help expand one’s own comprehension and join in on all the hoopla.
What is a Blockchain?
Think about this as a home, or a data base, essentially a place where information is stored. Now how is this database maintained? Well there is a network or interconnection of computers that are located and can communicate with each other from around the world. These computers serve as validators and transmitters. So in essence they verify the accuracy of information and once this done allow for that information to passed along to the next validator. Validations are then combined to create a block or simply a container of data after which this block is permanently added to an existing chain of blocks that have been previously created. This means that when data is entered in a blockchain, it’s there forever!
What Does the Data Represent?
As mentioned previously the blocks within the blockchain store data and that data serves as a moving object that can be circulated amongst users of the aforementioned network. The the types of data can vary as cryptocurrency is the leader of them but blockchains can transmit contracts, records and other types of information.
Why is this so Innovative?
You might have heard the term "decentralization" bounced around one too many times with out really understanding what this is in reference to. This basically means that the database or blockchain is not controlled by one entity and is visible throughout the entire network on which it lies. Entries on a blockchain can be shared and restricted to achieve agreement of data history without a server or central authority.
Hope this Quick Reference helped any beginner out there looking to get into this industry changing technology.
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This was a great read! I’m thankful for the blockchain, it gives everyone an equal change and it’s peer-to-peer.
Thanks and yes I'm learning more and more about this technology and enjoying the journey thanks for the support!
Thanks so much for the mention. Great article. Thanks for helping people better understand this technology. Be sure to check out my brand new article today. I think it will helpful to you. Best of luck to you.
I will definitely read it!