Do you find yourself scratching your head when you hear the term “blockchain” being thrown around? Well, fear not, because in this video, we’ll break it down for you in simple terms.
Blockchain is a type of digital ledger that allows information to be stored in a decentralised way, meaning it’s not controlled by a single entity or authority. This makes it secure and transparent, as all transactions are recorded on the blockchain and can be viewed by anyone.
Topics covered in this video :
What is Block?
A block is a kind of container where data is stored. And in the case of a blockchain, the data stored in a block is the record of transactions conducted on the blockchain. Data can be added to a block but existing data cannot be tampered with, making it a secure storage location for sensitive data like transactions.
What is Chain?
Once a block reaches the maximum limit of transactions it can store, it creates a secret and secure code called HASH, which is the address of that particular block. In the new block, it is stored with the name of the Previous HASH, and the chain of HASH goes on creating the new blocks. Now since each block is linked to the data of the previous block, we have a chain of blocks or a blockchain.
How does Blockchain Technology work?
Every transaction in the blockchain network is verified by the computers in the network, which are called nodes. These computers solve a complex puzzle to verify this transaction. Once they solve this, this information is shared with the other computers or nodes in the blockchain network. Once they authenticate this, the block will be added to the blockchain.
Use cases of Blockchain
Today, blockchain technology has gained application in multiple fields like banking and healthcare, where it is revolutionizing how things are done. In the finance sector, blockchain removes middlemen and helps avoid human error. In healthcare, blockchain helps create a shared database of patient information that cannot be tampered with.
Inventor of Blockchain
Blockchain technology as we know it was introduced to the world in 2009 by a person or group of people going by the name Satoshi Nakamoto. Bitcoin was the first cryptocurrency that leveraged blockchain technology to create an immutable system that would redefine finance.
Why is Blockchain required?
Blockchain technology was created to challenge the traditional financial system and over the years, its use case has expanded to so much more. Blockchain is now used in various sectors like finance and healthcare. It is a decentralised system that gives power to the users instead of having to rely on a central authority.
Learn more about Blockchain – https://mudrex.com/blog/what-is-blockchain-technology/
Download the Mudrex App:
Link: https://mudrexmobile.page.link/insta
Follow us for more updates:
Instagram: https://www.instagram.com/officialmudrex/
Twitter: https://twitter.com/officialmudrex
LinkedIn: https://www.linkedin.com/company/mudrex
Website: https://mudrex.com/
Blog: https://mudrex.com/blog/
9 Comments
Very well explained. 👏👏
interesting take
👏👏👍
Great session
Thanks for explaining such an useful info about block chain technology in a simple way.
Insightful!!
Very well explained! Couldn't be more simple and accurate!
Amazingly explained! 🙌
So well explained, quite an insight.