What is Blockchain?

पार्थ ! It’s not the first time you are hearing this term. Are you? And when are you going to hear this term next time? You do not know. But you can recall when you heard this term last time. Right? Welcome, this is the near-to working principle of Blockchain.
But wait… What is Blockchain?

In a nutshell, a blockchain is a distributed database which stores and manages data.
To explain this further, a blockchain is a distributed database that braces a continuously growing list of ordered records, called blocks. These blocks are conjoined using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. A blockchain is a decentralised, distributed and public digital ledger used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

Blockchain features-

• Value without trust
• Eliminates middlemen and reduces the cost
• Boosts efficiency through direct interaction
• Complete transaction history
• Resilience through reapplication
• Transparency

Actions with the data on Blockchain-

• Data can only be read
• Cannot make changes on data(i.e update is not allowed)
• cannot get rid of data(i.e deletion is not appreciated)
• Data is compatible with history and audit capability

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हे प्रभु , What is a chain of Blocks?

पार्थ ! A chain of blocks is nothing but the continuous encrypted chain of data which is comprised in small packets and stamped with its creation time and with other such useful configurations.
To understand its feature, let us dig deeper, Shall we?
So, in the chain of blocks, the first block is termed Block-0 and it is termed as Genesis block.
To the end point of Block-0, each subsequent block are added like block-1, block-2 etc. Each block’s data gets hashed and every block stores the previous block’s hashed output which is encrypted information about its address and output.

Thus, for a Genesis block-
- Block no- 0
- Current Block hash- “a2bd40s6hh8m3…”
- Previous Block hash- nothing
- Body- Transaction

For subsequent blocks(say block-1)-
- Block no-1
- Current Block hash- “d44f90a7dn4m1…”
- Previous Block hash- “a2bd40s6hh8m3…”, i.e current address of Block-0 above
- Body- Transaction

हे पार्थ , since changing the data of any block changes its hash address, hence, any trial of disturbing the data of block-0 triggers the permanent change of the hashed address of block-0. Its address becomes something like “a2bd000000000…” which is different from its previous original address that was- “a2bd40s6hh8m3…”. And thus the strong chain of blocks breaks.
The breaking of the chain makes a notable timestamp with all information consisting of how, when and where the chain broke out.
Now, we are going much into the technicality of how actually the Blockchain works and this is going to be the 3rd article of this series.
Thanks for your time and the next article will be published next week. Till then keep chaining the blocks…