WHAT IS BLOCKCHAIN
It is a shared distributed ledger that exits in various computer network at the same time.
👉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.
IMAGINE BLOCKCHAIN AS A BOOK
Book = Blockchain
Page = Blocks
Entry in the book = Blockchain transactions.
Why we say blockchain is tamperproof:.
*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.
*Its a decentralised database which stores information in form of transations
*It can be Public or Private blockchain
* Data stored are immutable.
* Data gets recorded via consense algorithms.
* Uses Cryptograpy
*Generally, exist over a peer to peer network.
*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.