What is blockchain?

By ukay | cryptologger | 2 May 2019

What is blockchain?

This is a only a brief introduction to blockchain. Big companies and organizations in the world keep data and all other information in their servers at one place or sometimes at different places around the world. They have the sole rights to use the data. This type of data management is called centralized.

However in blockchain uses decentralized data management.  The  data is kept in blocks and each block has a hash number which is unique for that particular data. The first block is called the genesis block. When newer blocks are added, the new block will have reference to the previous block hash number. It will also have its own hash number too. Hence all the blocks are related to each other by the hash numbers.

The block producers (computer nodes/servers that confirms transactions also know as miners or minters) will all have the same copy of the ledger that contains the chain of blocks. These block producers are not linked to each other. They all have to agree on the validity of  the ledger  when a new block is added to the chain. If anyone tamper with a ledger, then they cannot achieve consensus agreement.

When an account is opened in any blockchain platform by  downloading and registering  a digital wallet, the owner will obtain a pair of keys.  One will be a public key or public address and the other is the private key. The private key is generated from the seed phrase special for the account. It is utmost important to carefully store the seed phrase offline. Anyone that possess the private key or seed phrase has full access to the wallet.

Private keys are seldom used except for restoring the wallet in case a new wallet is opened etc. For transactions, only public key or address is needed. Never share the private key with anyone.



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