Basic concepts of Blockchain

Now a days Blockchain has become immense popular. Therefore, I thought of writing a series of article starting from this topic.This is my first article of blockchain

History

When the internet was made access to public ,people adapted to WWW revolution.It affect many aspect of lives, social and business. As a result of this revolution WWW started shaping up so it become more and more open,more accessible and more peer to peer.Many new technology and business start top of it and today it become more centralized.

In history, the very first article related to blockchain is Bitcoin: A Peer to Peer Electronic Cash System in 2008 written by Satoshi Nakamoto and its true identity is still unknown. Today, its known as “Bitcoin”.

Intro

People used to do international transaction with the help of third party (Bank).so it provide centralized access and all the transaction go through centralized point.it's very expensive and take some time to settle the transaction.centralized system are easy to design maintain and govern but suffer from many inherent limitations.
  • Less stable : it’s has center point of failure so are less stable.
  • Security :easy to attack because of center point.
  • Scalability is difficult most of the time.
  • Centralization of power can lead to unethical operation.

What is blockchain?

A blockchain is a shared ,decentralized and distributed ledger where transactions are permanently recorded by appending blocks. The blockchain serves as a historical record of all transactions that ever occurred, from the genesis block to the latest block, hence the name blockchain. again a blockchain is distributed across and managed by peer-to-peer networks.
Further, it is a peer to peer system of transacting value with no trusted third parties in between like centralized system.
  • Decentralized : 
Its peer to peer connections rather than using a single point network access. there's no central point of control.
    Distributed Ledger
database that is spread across several nodes or computing devices. Each node replicates and saves an identical copy of the ledger. Each participant node of the network updates itself independently.Its append-only structure only allows data to be added to the database: altering or deleting previously entered data on earlier blocks is impossible.

Types of Blockchains

Mainly there are two types of blockchain implementations.
  • Open/Public : anyone can join as a node to the main network [Eg. BitCoin,Ethereum].
  • Private : only authorized nodes can enter into the network [Eg. Hyperledger ].

What is block

Block is a basic unit of blockchain,it’s single or multiple transaction.a block contains more than 500 transactions on average. The average size of a block seems to be 1MB . There is a block call Genesis block it is a block beginning of any blockchain.

Block has two main part
  • Header : hash of the previous block
  • Body contain : necessary information for the transaction

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