🔗 What is a Blockchain? (simple guide)📍What is blockchain?
The blockchain is a distributed ledger that offers transparency decentralization and data integrity.
🔹 Digital Ledger: A Blockchain is a digital ledger which keeps records of all transactions taking place on a peer to peer network.
🔹 Encrypted Information: All information transferred via blockchain is encrypted and every occurrence recorded, meaning once the block is created and added to the chain, it cannot be altered.
🔹 Peer to Peer: Lets you interact or send transactions with a peer, without an intermediary. Removes the middle man.
🔹 Data Sharing: The blockchain can be used for more than the transfer or currency. It can also be used to share contracts, records and any other type of data.
🔹 Decentralization: The blockchain is decentralized, so there isn’t a need for a central, certifying authority.
📍What are the Blockchain Core Components?
🔸 Blocks can be written and read by certain participants and entries are permanent, transparent, and searchable.
🔸 Transactions are recorded in chronological order on a continuously growing database.
🔸 A system of computers, connected via the internet, in which users at any computer can receive or send value to another computer.
🔸 Data is replicated and stored across the system over a peer-to-peer network.
🔸 It facilitates peer-to-peer transfer of value without a central intermediary, e.g. a bank.
🔸 Digital signatures and cryptography are used to secure the transfer.
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