WHAT IS BLOCKCHAIN TECHNOLOGY? (VOLUME 1).

This is a very important topic for newbies going into crypto currency, you are suppose to have basic knowledge of blockchain even before looking for opportunities in the crypto space.

In this article I will be breaking down what blockchain technology is actually all about.

What is Blockchain?

Blockchain is actually a record of transaction in a digital ledger that are maintained and distributed to several computers linked in a P2P network (peer to peer network).

What is a P2P network?

A peer-to-peer (P2P) network is a group of computers are linked together with equal permissions and responsibilities for processing data. Unlike traditional client-server networking, no devices in a P2P network are designated solely to serve or to receive data.

A blockchain is a growing list of records, called blocks, that are securely linked together using cryptography.

What is Cryptography?

Cryptography is the science of keeping information secure by transforming it into form that unintended recipients cannot understand. Bitcoin cryptocurrency uses blockchain technology.

What’s the ‘block’ in blockchain?

Every transaction is recorded and stored as a block of information. Each block is defined by a block-number and stores transaction data, including the transaction amount and a record of which wallets the transaction took place between. Each valid exchange of data results in a transaction ID — a unique code for each transaction. Securely possessing a ‘private key’ or password, users can ensure that their funds or digital items are accessible exclusively to themselves.

Each block is ‘mined’ or rather, cryptographically verified, to authenticate and validate the transactions occurring within that block. This process results in an ‘immutable’ (un editable) database that is always available (decentralized) with all users certain they all hold the same verifiably correct information as all other users.

What’s the point of blockchain?

To businesses, organizations and individuals, blockchain:

• It removes the need for central points of data reliability
• It removes the use of unnecessary intermediaries or ‘middle men’
• It allows for “Trustless” behavior and transactions

What are the benefits of blockchain?

1. Blockchain is immutable, meaning that data stored on blockchain can not be modified or altered.

2. Blockchain is highly secured because it utilizes High level cryptographical algorithm and method.

3. Information are traceable in blockchain.

4. blockchain is efficient because it allows businesses to carry out operations efficiently.

Alright guys in our volume 2, we shall explain the types of blockchain, their application and so on…

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