A PEEK INSIDE BLOCKCHAIN

WHAT IS BLOCKCHAIN
It is a shared distributed ledger that exits in various computer network at the same time.

LIFE EXAMPLES
👉Record your sales and purchase of raw materials on the blockchain.
👉Even your bank statement can be on the blockchain
👉An excel tracking all hosiptal records.

BOOK ANALOGY
IMAGINE BLOCKCHAIN AS A BOOK
Book = Blockchain
Page = Blocks
Entry in the book = Blockchain transactions.

Why we say blockchain is tamperproof:.

  • Using the Book Anology, Its easy to detect if a page/block has been removed or
    deleted.
    *Easy to arrange the pages or blocks to identify suspicious activities . That’s why page numbering are important in a ledger.
    *Since the pages/blocks are built tightly ontop of each other its impossible to tamper a previous entry in the ledger without someone noticing it.
  • Hints :
    Blockchain

      *Its a decentralised database which stores information in form of transations
      *It can be Public or Private blockchain
      * Data stored are immutable.
      *Highly secured
      * Data gets recorded via consense algorithms.
      * Uses Cryptograpy
      *Generally, exist over a peer to peer network.

    SUMMARY

      *Its a decentralised distributed ledger (data structure) where data is being stored inside blocks in the form of transactions.
      *Removes the dependency on a trusted third party for recording the data in blocks.
      * In public blockchains, more complex algorithm are required to aviod malicious activities.
      *Since each blocks is built on top of each blocks, immutability has been achieved.
      *Here Immutability means its difficult to fake/alter a block & very
      easy to detect the tempering.
      *this all exist in the memory of the computers and run as a computer process
      *Every participant in Blockchain cointains an almost same copy of the blockchain ledger.

    #GUEST POST BY BLOCKCHAIN AFRICAN LADIES.

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