Blockchain Quick Overview

Blockchain Quick Overview

Harshvardhan's photo
·Jul 23, 2021·

2 min read

Blockchain Technology is also addressed as

  • The Next Stage of Internet
  • The Trustless system of Values (wherein TRUST is injected by crptography, game theory and other technologies; rather than human being)
  • Technology quite bigger and broader than Bitcon

A Blockchain is

  • A Transparent, Cryptographically Trusted Dapp/dApp (Decentralized application) system used for management & exchange of Digital assets like Ownership title, Medical Datasets, CryptoCurrency without the need of any external human/other wise driven system for TRUST.
  • A cryptographic database maintained by a network of computers, each of which stores a copy of the most up-to-date version of Ledger. It uses Blockchain Protocol for TRUST in Transaction and Ledger management.
  • A Blockchain protocol is a set of rules that dictate how the computers in the network, called nodes, should

    • verify new transactions and
    • add them to the database*.
  • The Blockchain protocol offers Consensus building mechanism by employing

    • Cryptography,
      • Game theory, and
      • Economics

to create incentives for the nodes to work toward securing the network instead of attacking it for personal gain.

  • If the Blcokchain is set up correctly, this system can make it extremely difficult and expensive to add false transactions but relatively easy to verify valid ones.
  • Blcokchain comes baked in with Data Provenance by offering
    • immutable and
    • cryptographically verifiable record of transactions

Why Blockchain Matters More Than You Think

6 MINS VIDEO Explaining Why Blockchain Matters More Than You Think! 16 MINS VIDEO Explaining How Blockchain is Already Taking Over!

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