Blockchain Overview

You might have come across the word Blockchain and wondered, what is it exactly? This article intends to provide a clear overview of this technology!

To make it pretty simple, think of blockchain as some sort of database that is essentially shared, and this type of database consists of a list of transactions! it’s safe to add that all users on the network share Blockchain data, the nature of stored data is immutable which means, it will never change.

Let's understand transactions

When it comes to blockchain, A transaction could mean a transfer of value or data from one participant to another on the network. To further simplify it, we define transactions as records of information. For example, if I sent Bob $100, the transaction record would consist of the amount sent, who sent it, and who received it.

Transactions are grouped with other transactions on the network into a block, Once the block is full, the transaction will be permanently added to the blockchain.

Lastly, it’s important to keep in mind that a block is provided with a hash value. The hash value is basically a unique fingerprint for the information which essentially helps identify which data is in the block

Thank you for reading, Hope you enjoyed it!