Quick Introduction to the Blockchain

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Learning Objectives

Blockchain Introduction
The Concept of Blockchain

 

Introduction of Blockchain

According to the Wikipedia “A blockchain, originally blockchain is a growing list of records, called blocks, which are linked using cryptography.”

Blockchain was first described in 1991 by Stuart Haber and W. Scott Stornetta. But it got into the limelight after Bitcoin.

Blockchain has nodes, and these nodes are called Blocks. Each block contains the hash, hash of the previous block, timestamp and the data. Tempering with blockchain is not easy. If a block has been corrupted than the chain gets corrupted.

The Concept of Blockchain

A Block is pretty similar to the linked list but with more complexity. A block’s hash is generated by the data from the block. But it is simple to generate the hash from data. To prevent this it also contains the hash of the previous block. so, if any data is touched then block get invalid and the chain as well.
If someone wants to hack the blockchain then hacker needs to update all the blocks. It is not that simple and it is time-consuming as well. In Bitcoin, each block can be updated or created in the gap of 10 minutes. so it can take one person’s beautiful life to change all the blocks.

bchain

Above image was taken from the Web.

Resources:

Blockchain (Wikipedia)

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