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Vedant Chainani
Vedant Chainani

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What is Blockchain

Hello πŸ‘‹. You have at least heard about the excitement surrounding NFTs, and Web3 and Blockchain have become internet slang. This is the beginning of a new series of Web3 Threads in which we discuss all subjects pertaining to the fundamentals of Web3 and the technology underlying them. The postings in this series will include a succinct introduction to the subject and a straightforward explanation in everyday language.

πŸ“ Blockchain Definition

Blockchain is a distributed, immutable ledger that makes it easier to record transactions and track assets in a business network.

πŸ“ Structure of Blockchain

  • Blockchain groups information into units known as blocks, which hold sets of information.

  • When a block's storage capacity is reached, it is closed and linked to the previous filled block, producing a data chain known as the blockchain.

πŸ“ How secure is Blockchain?

  • The hashes of the blocks are responsible for the blockchain's immutability. A hash is analogous to a fingerprint. Humans all have unique fingerprints. Hashes serve as unique identifiers/fingerprints in the case of blocks.

  • Each block is digitally signed with a one-of-a-kind hash generated by a hashing algorithm/function.

  • These hashes are generated using the current block, the preceding block, and a timestamp, and each change in input results in a completely new hash.

πŸ“ Characteristics of Blockchain

  • Decentralized
  • Transparent and open
  • Enhanced Security and immutability

πŸ“ Types of Blockchains

  • Public blockchains - Fully decentralized and open to public.
  • Private blockchains - Requires permission to join the network.
  • Hybrid blockchains - Combines features of both Public and Private.
  • Consortium blockchains - Private Blockchain for Orgs

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