What is Blockchain

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What is blockchain?


Blockchain is a decentralized chain/database of blocks. These blocks hold record of transactions that were made by using the cryptocurrency/ Chain Framework and Blockchain holds these Blocks.


It consists of one after other positioned blocks that contain complete transaction data till now. This data is unchangeable but is publicly available to read unless Blockchain is a Private Blockchain. So you can think of them as read-only copies of data.


Blocks are placed vertically over one another (virtually)/ One After another so every block has a height which tells that where it exists in blockchain. So in the skyscraper of Blockchain a block has a floor number to point to which is known as Blockheight/Block number.


What is a Block-

Let’s get a little bit informed about the term Block, A Block is a database unit and record of transactions which gets a place in it. Let’s think of a folder with many files. So same way a block holds several transactions depending on the cryptocurrency/ Chain Framework to which it belongs to. Every block points to the next block in the chain.


Every transaction secures some storage space on block limiting how much transactions it can hold, and in case of  Bitcoin, every block has almost 1-megabyte capacity. In each block, there can be up to 4000 individual transactions, but the size of individual transactions also matter.


In Blockchain every node is an “administrator” and joins the network willingly (in this sense, the system is made truly decentralised).  Each person can get incentive for participating in the network  in form of reward which varies.


Is Underutilized

Blockchain is a digital ledger for anything Digital or not Digital, while it just exist in Digital form but can serve even physical commodities . Currently Blockchain is more related to cryptocurrencies like bitcoin, Ether, Dash or others in which transactions made are listed publicly in their blockchain.


Blockchain is much more than cryptocurrencies ledger, it is even lot more than a tool of modern finance. Its a technology which can make world more easily accessible, transparent, scalable and fast. Blockchain has applications in almost any field you can name , and can root out many problems which plagues industries and life of commoners. Blockchain functions as a bookkeeping platform bypasses censorship, enforces transparency, and is a ledger that’s incorruptible.


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