Blockchain: Explained in easiest way possible

When it comes to complicated things like blockchain, people try to seek an easier explanation for it. And unfortunately, there arent many available on the web. Well, if youre reading this article & you know nothing about blockchain, this article is a great place to start.

So by general definition, blockchain is a decentralized network of nodes.

Well, it wasnt that useful, right?

However understanding blockchain far easier than you might think. The name itself clearly states that this blockchain is nothing but a chain of blocks, where chain is nothing but network & block is nothing but data.

A blockchain stores information regarding transactions, cryptocurrency, smart contracts, etc. If you are overwhelmed by this complex nature of blockchain, its completely fine because they are meant to be that way, they are meant to be complex. Thus it is not easy to tamper with the information stored in the blocks. Why is that? We'll see soon...

In a blockchain, new blocks keep on adding but previous blocks remain unaffected. Each block contains some data like the digital signatures of the transaction owners, hash of the previous block, hash of itself. The new block is always added to the end of the blockhain & it contains a 'hash' of the previous block.

A hash is nothing but a unique id of each block. A hash is determined by the contents of each block so in case if the data in the block is modified, the hash will change accordingly. But block next to it will contain the hash of the unmodified block. In this way, anyone can easily find out if the block is modified or not. this makes it difficult for attackers to tamper with data of the blockchains.

This is the reason why blockchain is so popular around these days. Blockchains provide facility to make transactions without the involvement of the third party in the process. It is the backbone of the Bitcoin.

Aditional sources for more info:

1. Blockchain tutorials for begineers
2. Blockchain Explained

That's all folks, for now! I'll keep this blog post updated with new information constantly as I discover more amazing facts about it, until then why not follow me so that you can stay updated when I post new articles. Also if you can spare your few minutes & share it with your friends, it will be massively appreciated.