My Blockchain Development Journey — Day 1
I just started learning blockchain development from absolute zero.
Today, I learned about:
- What is a blockchain?
- Why blockchains don't simply replace banks
- The difference between centralized and decentralized systems
- What are nodes?
What is a blockchain?
As I learned today, a blockchain is a technology used to record and manage transactions across a network of computers.
Instead of relying on one central organization to maintain the records, blockchain networks can distribute the records and the responsibility for maintaining them across multiple computers.
I'm still learning the deeper technical side of how this works, but this is my basic understanding for now.
Blockchains don't replace banks
At first, I thought blockchain was basically a replacement for the banking system.
But I learned that this isn't exactly true.
Blockchain is a technology for recording and managing data and transactions. A bank, on the other hand, provides many different services such as loans, cheques, accounts, payments, and other financial services.
So blockchain and a bank are not the same thing.
Blockchain can be used to build financial systems and applications, but it doesn't automatically replace everything a bank does.
Centralized vs Decentralized Systems
A traditional bank uses a centralized system where the bank controls and manages its databases and customer information.
Customers normally have access to their own account information, while the bank has access to the information it is responsible for managing.
Blockchain networks can work differently.
In a public blockchain, transaction information can generally be viewed by anyone. The data is maintained across a distributed network of computers rather than being controlled by one central organization.
However, this doesn't mean that every blockchain is public or that everyone can see everything.
Private and permissioned blockchain networks can restrict who can access the data.
What are nodes?
A node is a computer that participates in a blockchain network.
Depending on the type of node and the blockchain, a node can store blockchain data, verify transactions, communicate with other nodes, and help maintain the network.
I initially thought that every node simply contains a complete copy of every transaction, but I'm learning that different types of nodes can have different roles.
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