Blockchain
What's the chain all about?
A blockchain is like a super-secure digital ledger that records transactions across multiple computers, making it nearly impossible to hack or cheat the system. Imagine it as a chain of blocks, where each block contains data about a transaction (like a payment or a contract). Once a block is added to the chain, it's virtually set in stone, and everyone in the network has a copy of the entire chain.
The Cryptographic Cipher
To ensure the security of this digital ledger, blockchain uses cryptography – a fancy word for secret codes. Each block has a unique code called a "hash" that acts like a fingerprint. If someone tries to tamper with a block, the hash changes, and the entire network knows something's fishy.
Decentralized Decisions
Unlike traditional databases managed by a single authority, a blockchain is decentralized, meaning the network is spread across multiple computers (called nodes). These nodes constantly verify and update the blockchain, making it nearly impossible for anyone to gain control over the system.
The Cryptocurrency Craze
Speaking of cryptocurrency, blockchain is the backbone of these digital currencies. Instead of relying on banks or governments, cryptocurrencies use blockchain to record and verify transactions securely and transparently.
Rome wasn't built in a day...
Neither was Blockchain.
The history of Blockchain is fascinating to say the least and we start our journey way back in 1991, when Stuart Haber and Scott Stornetta tampered with blocks of data to make mismanagement of data and documents obsolete.
And the rest as we say, is History.....