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Showing posts from January, 2018

Is blockchain a technology or an algorithm?

After a phenomenal growth of bitcoin in 2017, all of sudden everyone in the cyber world has started talking about crypto-currency and the technology behind it - Blockchain. I am sure you too must be flowing through this new fanfare. So here I would be trying to explain this platform in just 11 mins.

What is Blockchain? Blockchain is an ever-growing list of transactions, called Blocks which are always linked to their previous Blocks and are secured by cryptography hash. This Blockchain will be stored on distributed peer-to-peer (P2P) network nodes. If you are familiar with BitTorrent, you can easily understand this P2P communication. Each block has three things: data, its own hash and hash to previous block
Data can be regarded as a ledger.Hash can be compared with fingerprint, which is a unique identification of the block. It is generated based on the content and even a single character change will make it different.Hash to previous Block: this creates a link which can be traversed bac…