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Introduction To Blockchain

In this article, we will give a brief introduction of blockchain.

Basics Of Blockchain

Before we discuss what blockchain is, let us discuss some basic concepts. We will discuss the following topics.

Centralized system.
Decentralized system.
Ledger.
Distributed ledger.
Trustless

Centralized System

A centralized system is one that uses a client-server model. In the client-server model, all client nodes are connected to the central server.

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Decentralized System

Decentralized systems are systems connected over the network with no single authority.

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Ledger

In accounting, ledger is a book for maintaining transactions. In the similar manner, ledger in blockchain is the database for maintaining transactions.

Distributed Ledger

Each system connected over the network contains the copy of ledger on their respective machines.

Whenever any transactions occur, data is synchronized across all the ledgers.

Trustless

In the network, systems can interact with each other (performing transactions). To facilitate the interaction, some rules (or protocols) are defined.

Which means that each system will follow the rules for the fair transactions. Without the rules they don't interact as no system will trust each other. This is a trustless environment.

Now let us talk about blockchain.

Blockchain

Blockchain is a decentralized and distributed digital ledger used to record transactions.

Benefits Of Blockchain

Following are the benefits of Blockchain

Blockchain provides full transparency in transaction.
Blockchain is more secured and it is not possible to tamper data.
Transactions are easy to track.
Blockchain maintains data integrity by providing tampered-free transactions.

What Is A Block?

As blockchain is the chain of blocks, block is a single page of the digital ledger.

Different Components Of Block

A block contains following components in header

Hash of previous block.
Timestamp of the block.

Genesis Block

Genesis block is the first block in the blockchain i.e. block 0 in blockchain.

Posted By -	Karan Gupta

Posted On -	Tuesday, May 5, 2020

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