What is Blockchain?

Blockchain can be defined as a chain of blocks that contains information. The technique is intended to timestamp digital documents so that it’s not possible to backdate them or temper them. The purpose of blockchain is to solve the double records problem without the need of a central server.

The blockchain is used for the secure transfer of items like money, property, contracts, etc. without requiring a third-party intermediary like bank or government. Once a data is recorded inside a blockchain, it is very difficult to change it.

The blockchain is a software protocol (like SMTP is for email). However, Blockchains could not be run without the Internet. It is also called meta-technology as it affects other technologies. It is comprised of several pieces: a database, software application, some connected computers, etc.

Sometimes the term used for Bitcoin Blockchain or The Ethereum Blockchain and sometimes it’s other virtual currencies or digital tokens. However, most of them are talking about the distributed ledgers.

In this Blockchain tutorial for beginners, you will learn Blockchain basics like:

  • What is Blockchain?
  • What Blockchain is NOT!
  • Blockchain Architecture
  • How Blockchain Transaction Works?
  • Why do we need Blockchain?
  • Blockchain versions
  • Blockchain Variants
  • Blockchain Use Cases
  • Important Real-Life Use Cases of Blockchain
  • Bitcoin cryptocurrency: Most Popular Application of Blockchain
  • Blockchain vs. Shared Database
  • Myths about Blockchain
  • Limitations of Blockchain technology

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EducateLag
EducateLgos delivers technology-driven education at Primary, Secondary, Tertiary and Professional levels creativity
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