For some good number of years now, you may have come across the word "Blockchain", to some persons it sounds like a block tied with chains all over it. "No"
That is not what blockchain is all about.
However, blockchain or blockchain technology is a public ledger file which consists of a network of computers ‘nodes’ that collectively validates and maintains a growing list of transactions.
A blockchain is essentially a database of records on a public ledger containing all transactions that have been executed and shared among participating parties.
Each transaction in this public ledger is verified by a consensus of a majority of the participants in the system. Once transaction or information is entered on the blockchain, it cannot be tampered with or erased.
Definition of terms
1. Nodes
2. Ledger
3. Database
4. Transaction
5. Record.
1. What is a Node
A node is a basic unit of a data structure, such as a linked list or tree. Nodes contain data prepared in a step by step data model approach which makes it look like a tree with branches. this nodes are made up of computer binary numbers. these numbers makes it a blockchain. Links between nodes are often implemented by pointers.
2. Ledger:- A ledger is a book or collection of accounts in which account transactions are recorded. For example, if you are to open an account with a bank, there are some certain criteria that most be met in order to have that account successfully registered with that bank. so, what the bank does after meeting does criteria is to create a record for you on their own computer system where they have there own well designed and programmed software particularly made for the bank to use in terms of services there are to render to their customers. those softwares are designed in a book format, it is more like a classroom register or a normal employment form. on that record there are space for your own information which at the end of the day your are given an account number which serves as a unique ID to your account in formations.
Each account has an opening or carry-forward balance and would record transactions as either a debit or credit in separate columns and the ending or closing balance.
3. Database:- In computing, a database is an organized collection of data stored and accessed electronically from a computer system. the data that every computer works with are store in a place inside the computer called a database.
The database management system (DBMS) is the software that interacts with end users, applications, and the database itself to capture and analyze the data in the computer system.
Over the past few years, you have consistently heard the term ‘blockchain technology,’ probably regarding cryptocurrencies, like Bitcoin. In fact, you may be asking yourself, “what is blockchain technology?” It seems like blockchain is a platitude but in a hypothetical sense, as there is no real meaning that the layman can understand easily. It is imperative to answer “what is blockchain technology, “including the technology that is used, how it works, and how it’s becoming vital in the digital world.
4. Transaction:- It is the process by which an exchange or interaction between two or more people, computers (blockchain) are carried out in an intense agreement.
5. Record:- a thing constituting a piece of evidence about the past, especially an account kept in writing or some other permanent form. in blockchain, all transsctions perform are being recorded by the computer system. now this is already program using the computer system. so if for example as a crypto trader you wish to view all you transaction made by you. then you will need to view it through a particular block chain.
However, to view a transaction on blockchain. you man use of a blockchain scan.
The following are blockchain scanners
1. Etherscan
2. Bscscan
3. Sol scan
4. polygonscan etc.
A blockchain is essentially a database of records on a public ledger containing all transactions that have been executed and shared among participating parties.
Each transaction in this public ledger is verified by a consensus of a majority of the participants in the system. Once transaction or information is entered on the blockchain, it cannot be tampered with or erased.
Bitcoin’s Blockchain
Bitcoin’s blockchain maintains a chronologically-ordered, time-stamped global ledger file of all transactions from the very start of its operation since 2009.
Every 10 mins, a block (i.e. a group of transactions) is added to the global public ledger file and all the nodes (also called miners) on the Bitcoin network keeps a copy of this global ledger file.
This global ledger file is not stored on a central server or data center like a bank. It is distributed across the world via a network of private computers that are both storing data and executing computations.
Each of these computers represents a “node” on the blockchain network and has a copy of the ledger file. These computers nodes are miners who lend their computing power to solve complex cryptographic problems to verify users’ transactions on the blockchain.
Now, Let’s say Paul wants to send Bitcoins to kate, he sends a message to the network that says the number of Bitcoins in his account should go down by 10 BTC (Bitcoins).
Which means the amount of Bitcoins in Kate account should go up by 10 BTC. Each node in the network will receive the message and apply the requested transaction to their copy of the ledger, thus updating the account balances.
In order to perform transactions like sending Bitcoins in the blockchain, you will need a wallet.
Think of a wallet like a bank account which allows you to store and send your Bitcoins. Since only you can spend your Bitcoins, each wallet is protected by a special cryptographic method using a unique pair of keys known as "contract address", a Public key and Private key. Public keys is what the name suggests - Public. It is made available to everyone via a publicly accessible directory. On the other hand, the Private key must remain confidential to its respective owner.
Because the public and private key are pairs, it is mathematically related and whatever is encrypted with a Public key may only be Decrypted by its corresponding Private key and vice versa.
As blockchain continues to grow and become more user-friendly, the onus is on you to learn this evolving technology to prepare for the future. If you are new to blockchain, then this is the right platform to gain solid foundational knowledge.
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