BLOCKCHAIN - A BRIEF INTRODUCTION

This article is a brief introduction to the world of Blockchain. You might have read Blockchain related articles or come across discussions on how Blockchain is going to change the world. Centralised institutions are either defensive or accepting of this disruption by defining their own terms.

So, what is all the fuss about? Let’s understand blockchain in its raw form.

Blockchain is a distributed database system. This means instead of storing files on a single computer, information is stored across millions of computers all over the globe..

FACEBOOK AS A CENTRALIZED ENTITY
When we log in to Facebook, all the content that we and our friends share on Facebook are stored in Facebook’s central server. Facebook technically owns all that data (even though they claim that they don’t own our data); they use that data to directly target ads towards us.

Blockchain technology disrupts this and gives users the power to control their personally identifiable information.

DECENTRALISED, DISTRIBUTED AND CENTRALISED SYSTEMS


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READ MORE ON: https://www.bbod.io/blog/

https://www.bbod.io/bbod-blog/2018/7/6/blockchain-a-brief-introduction


This is a brief article written by a friend, it explains what Blockchain technology is about,.. It's quite simple, we need to all have an idea what's going on ��

we need to enlighten ourselves on whats going on in the technology space

Most of us must have used the term ‘Smart Contracts’ in a blockchain discussion with colleagues or friends without completely realising the impact Smart Contracts can have on the entirety of the socio economic framework our society thrives on.

We have mentioned multiple times in this blog that Blockchain as a technology is revolutionary.

https://www.bbod.io/bbod-blog/2018/8/18/smart-contracts

luxico:
Most of us must have used the term ‘Smart Contracts’ in a blockchain discussion with colleagues or friends without completely realising the impact Smart Contracts can have on the entirety of the socio economic framework our society thrives on.

We have mentioned multiple times in this blog that Blockchain as a technology is revolutionary.

https://www.bbod.io/bbod-blog/2018/8/18/smart-contracts

For more information connect with me.
08026248258
idrab4all@yahoo.com
Abdulhameed Idris A. (Msc, MTNF Scholar)

Are you in the blockchain space sir?

idris01:

For more information connect with me.
08026248258
idrab4all@yahoo.com
Abdulhameed Idris A. (Msc, MTNF Scholar)

[quote author=idris01 post=71081695]
For more information connect with me.
08026248258
idrab4all@yahoo.com
Abdulhameed Idris A. (Msc, MTNF Scholar)[/quote
You're right]

Recent updates on ETFs
https://blog.bbod.io/bitcoin-etf-market-influence/

This is how the Blockchain technology works


What is Blockchain?

Think of the blockchain technology as the construction of a house. Starting at the foundation of the house, you must add concrete blocks onto the previous block until you get to the top, right?

Each subsequent concrete block is “connected” to the previous block and references part of the previous block.

This is how it's obtainable with Blockchain also. New blocks (don't worry, we'll explain what a block means in Blockchain later) reference code from prior blocks, all the way to the “genesis block”.

It's quite similar to how a child inherits DNA from the parents.

The genesis block is the very first block on a blockchain technology. Or, using the house analogy, it's the first block at the base of the whole house.

BLOCK - CHAIN

Let's dive deeper into studying each "block" and how they are chained together.

Breaking down the word “Blockchain."

The first part of the word reads “Block.”

Think of each block on the network as a housing for information, or transactions with written code within. Once enough transactions have occurred, a block is created and must be added to the Blockchain.

So, we can say a block is a record of new transactions or data. Mary sends money to John, that’s a transaction. John buys some shoes from Lisa, that's also a transaction. These transactions make up a block.

Transactions in the same block are considered to have happened at the same time but transactions not yet in a block are considered unconfirmed.

You know what a "Block" is now. What about "Chain"?

The process involved with connecting blocks is done through computational power.

For each block to be "chained" to the Blockchain, a complex mathematical problem must be solved in order to validate transactions and create new blocks.

The only way to solve these mathematical problems/puzzles is to use a powerful computer or mining rig.

The people who connect these blocks, similar to bricklayers, are called miners. They earn a new coin as a reward for solving the problem before other miners on the network. That process of connecting blocks is called Proof of Work. This model is currently used by Bitcoin.

However, other cryptocurrency platforms have developed new models to achieve consensus, the most popular being Proof of Stake (PoS).