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Introduction to Blockchain

The blockchain is a term that has come to mean many thing to different people. To Developers, it's a set of protocols and encryption technology for securely storing data on a distributed network, in Business and finance it is a distributed ledger and the technology underlying the explosion of new digital currencies, to Technologist it is the driving force behind the next generation of the internet, others it's a tool for decentralized world.

However you look at it for the first time in the human world people can trust and transact with each other in large peer-to-peer networks without centralized management

What is the blockchain

The Blockchain is a decentralized anonymous, trustless and secured ledger which contains vital information about transaction such as; the date, time, receivers and sender's addresses, amount involved and so on.

The blockchain is a digital ever-growing list of data records. Such a list is comprised of many blocks of data, which are organized in chronological order and are linked and secured by cryptographic proofs.

The blockchain is a shared, distributed, and permanent database shared among multiple nodes on a computer network. They record data in a way that makes it almost impossible to modify or hack the system.

The blockchain is seen as the main technological innovation of Bitcoin because it stands as a "trustless" proof mechanism of all the transactions on the network.

This means that all transactions carried out on the blockchain network is first checked for authenticity and verified by people in the network known as miners before it is added to the chain of blocks.

The blockchain as a public ledger means that it is easy to query any block explorer for transactions associated with a particular Bitcoin address. You can look up your own wallet address to see the transaction in which you received your first Bitcoin.

Blockchain transactions occur within a peer-to-peer network of globally distributed computers (nodes). Each node maintains a copy of the blockchain and contributes to the functioning and security of the network

This is what makes Bitcoin a decentralized digital currency that is borderless, censorship-resistant, and that does not require third-party intermediation. Users can trust the system of the public ledger stored worldwide on many different decentralized nodes.

The blockchain has complete information about addresses and balances from the genesis block (the very first transactions ever executed) to the most recently completed block.