Introduction To Blockchain

What is blockchain> A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. The innovation with a blockchain is that it guarantees the fidelity and security of a record data and generates trust without the need for a trusted third party, And best known for their crucial role in cryptocurrency systems, BITCOIN AND ETHEREUM are popular examples of blockchains for maintaining a secure and decentralized record of transactions.

How does a Blockchain work> The goal of blockchain is to allow digital information to be recorded and distributed, but not edited. this makes blockchain the foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed. This is why blockchains are also known as a DISTRIBUTED LEDGER TECHNOLOGY(DLT).

What is a Blockchain platform> A blockchain platform allows users and developers to create novel uses on top of existing blockchain infrastructure. One example is ETHEREUM, which has a native cryptocurrency known as ether(ETH). but the ethereum blockchain also allows the creation of smart contracts and programmable tokens used in initial coin offerings(ICOs), and non fungible tokens(NFTs). These are all built up around the Ethereum infrastructure and secured by nodes on the Ethereum network.

Who invented Blockchain> Blockchain technology was first outlined in 1991 by Stuart Haber and W. Scott Stornetta, two mathematician who wanted to implement a system where document timestamps could not be tampered with. In the late 1990s, Cyhperpunk Nick Szabo proposed using a blockchain to secure a digital payments system, known as bit gold (Which was never implemented).

BENEFIT OF BLOCKCHAIN

• Accuracy of the Chain

• Cost Reduction

• Decentralization

• Efficient Transactions

• Private Transaction

• Secure Transactions

• Transparency

• Banking the Unbanked

  DRAW BACKS OF BLOCKCHAIN

• Technology Cost

• Speed and Data inefficiency

• Illegal Activity

• Regulation

THE BOTTOM LINE

With many Application for the technology already being implemented and explored, blockchain is finally making a name for itself in no small part because of bitcoin and cryptocurrency. As a buzzword on the tongue of every investor in a nation, blockchain stands to make business and government operations more accurate, efficient, secure, and cheap, with fewer middlemen.

As we prepare to head into the third decade of blockchain, it’s no longer a question of if legacy companies will catch on to the technology-it’s a question off when. Today we see a proliferation of NFTs and the tokenization of assets. The next decades will prove to be an important period of growth for blockchain.