Blockchain can be thought of as a distributed database.Data is stored in blocks of data which are chained together.It uses the concepts of distributed data and cryptography.Block chain is just a chain of blocks.Each block can be thought of as a transaction or record. Blockchain itself can be thought of as a ledger of transactions which can not changed.Blockchian was invented by Satoshi Nakamoto in 2008.Bitcoin which is a cryptocurrency or digital currency is one implementation of block chain.
Some of the main points about Blockchain:
- Blockchain allows transaction to be fully reliable as the blocks can not be manipulated.This makes the digital information secure.
- A Block consists of data and a hash corresponding to the data.so any change in the data results in change of the hash value and invalidates the block.
- It consists of a chain of blocks.each block consists of a number which denotes the order of the block in the block chain.Also each block consists of the hash of the
- Transaction are fully reliable as the blocks can not be manipulated and are anonymous.There is no central storage of data.
- As the Blockchain exists on multiple computers on the network so everyone on the network has access to this data.
- financial transactions can be done with reliability
- ethereum is one of the easiest Blockchain implementation
- Not suitable for storing large amounts of transactions such as videos and images data.
- Very secure from being hacked.
- Every transaction from the beginning can be verified.
- You can have different implementations of blockchain using different technologies.
- Each computer in a Blockchain is called a node.They all have the copy of the data.When transaction is executed the transaction is updated in every node.This makes the transaction safe.