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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