{"id":3436,"date":"2018-02-12T11:24:46","date_gmt":"2018-02-12T16:24:46","guid":{"rendered":"http:\/\/flevy.com\/blog\/?p=3436"},"modified":"2018-02-05T11:48:48","modified_gmt":"2018-02-05T16:48:48","slug":"hey-what-is-blockchain","status":"publish","type":"post","link":"https:\/\/flevy.com\/blog\/hey-what-is-blockchain\/","title":{"rendered":"Hey, What Is Blockchain?"},"content":{"rendered":"

I understand many of you are having this question \u2013 what the heck is a Blockchain? Many tell me it\u2019s Bitcoin but what is it actually? Let\u2019s uncover that in this writing.<\/p>\n

Blockchain is a new Technology which is able to resolve many problems in this era. One of such problems is money transfer (one of which Blockchain solves).<\/p>\n

But let\u2019s study what Blockchain really does for us.<\/p>\n

\"blockchain1\"<\/p>\n

Looking at the above example, Andi wishes to transfer some form of valuable data to his Manager, Kevin. How does he does it is what is shown above.<\/p>\n

    \n
  1. Andi simply passes the data to Kevin<\/li>\n
  2. Andi\u2019s transaction to Kevin is logged within his Blockchain Ledger<\/li>\n
  3. On the receiving end (Kevin\u2019s), the Ledger is also updated with the transaction which Andi just made.<\/li>\n<\/ol>\n

    Hence you could understand that there are two duplicate copies of the exact transaction Andi just made. But hey, this is a very simple overview. Now, let\u2019s go in depth.<\/p>\n

    In actual scenario, Andi won\u2019t be able to transfer \u2018whatever data<\/em><\/strong>\u2018 it is directly to Kevin, hence he would go through a series of network (which contains nodes of the Blockchain or rather the individuals like Andi and Kevin) just to transfer the data. This is how it looks like:<\/p>\n

    \"blockchain2\"<\/p>\n

    Essentially, for Andi to transfer any form of Data, this is what he goes through now:<\/p>\n

      \n
    1. Andi simply passes the data to the next Node after his<\/li>\n
    2. Andi\u2019s transaction to Kevin is logged within his Blockchain Ledger<\/li>\n
    3. The next Node\u2019s Ledger is also updated with the transaction which Andi just made<\/li>\n
    4. And it goes on till the Data is received by Kevin and also updated Kevin\u2019s Ledger<\/li>\n<\/ol>\n

      Simple, isn\u2019t it?<\/p>\n

      Something for you to think and research: Go and find out if the transfer of the Data goes through every single node in the mesh of networks and educate us in the comments. <\/em><\/p>\n

      Well, now let\u2019s move on in understanding on the construction of the blocks in a blockchain.<\/p>\n

      \"blockchain3\"<\/p>\n

      A blockchain consists of blocks in which the current block refers to the earlier block using a hash. Ok, I know you are confused!<\/p>\n

      For example, the latest block present in a Blockchain would refer \/ call to the previous block using the Previous Block\u2019s Hash Number and would also declare its current Hash using a certain cryptographic hashing algorithm.<\/p>\n

      And when the next Node is to be created, it simply creates its newest Hash Number using a cryptographic hashing algorithm and indicates the previous Hash Number in the block itself.<\/p>\n

      I know some of you Coders might assume this is a LinkedIn List, but hang on \u2013 yes, this is based on LinkedIn List. Aha! (Hang on here, and go watch this, to understand what is a Linked List \u2013 https:\/\/youtu.be\/pBrz9HmjFOs<\/a>\u00a0for the curious minds)<\/p>\n

      If you are interested in Cryptocurrency Trading, take a look at this group on LinkedIn<\/a>.<\/div>\n

      Ok, I think that\u2019s about it for understanding what is a Blockchain, but some of you might be wondering on what the heck is inside a Blockchain which some of you adopters of Blockchain might want to know.<\/p>\n

      If you are an investor or just a fanatic of Blockchain, you might want to check out the next article on the Blocks of the Blockchain.<\/p>\n

      Till then adios!<\/p>\n","protected":false},"excerpt":{"rendered":"

      I understand many of you are having this question \u2013 what the heck is a Blockchain? Many tell me it\u2019s Bitcoin but what is it actually? Let\u2019s uncover that in this writing. Blockchain is a new Technology which is able to resolve many problems in this era. One of such problems is money transfer (one… Hey, What Is Blockchain?<\/span><\/a><\/p>\n","protected":false},"author":104,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[84],"tags":[],"class_list":["post-3436","post","type-post","status-publish","format-standard","hentry","category-information-technology"],"_links":{"self":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/3436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/users\/104"}],"replies":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/comments?post=3436"}],"version-history":[{"count":3,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/3436\/revisions"}],"predecessor-version":[{"id":3442,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/3436\/revisions\/3442"}],"wp:attachment":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media?parent=3436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/categories?post=3436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/tags?post=3436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}