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What Is Blockchain

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What Is Blockchain
S
Sai Koushik Chepyala
Computer Science (AI & ML) graduate with a focus on Java backend development, AWS cloud, and DevOps practices. I build backend applications and deploy them using cloud and container technologies. Interested in cloud-native systems and Al-driven solutions. Open to entry-level opportunities and collaborations.

1. Why do we need to study Blockchain Technology?

- Disruptive technology

It refers to the Technology which brings significant changes in the society.

Ex :- Cloud Services, Internet

- Trustful

2. Where does this term or idea came from for the first time?

It was first introduced from Stuart Haber and W. Scott Stornetta research papers which were published in 1991. Those research papers which were published were about HOW TO DIGTAL TIMESTAMP A DOCUMENT.

https://link.springer.com/article/10.1007/BF00196791

Again, the word Blockchain was used in Satoshi Nakamoto paper on Bitcoin in 2008. The research paper was published under the pseudonym of Satoshi Nakamoto because of a crash in stock market in USA.

https://bitcoin.org/bitcoin.pdf

3. What is Blockchain?

Blockchain is --->

  • Immutable

  • Database

  • Distributed P2P Network

  • Completely Transparent

  • Can be made Decentralized

Blockchain is a technology which is a distributed database and immutable ledger which is completely transparent.

or

The work done by a ledger book is done by a block in Blockchain but the difference is that once the data is entered or feeded into the block it can't be changed (Immutable). And blockchain is a database that is shared across a network of computers rather than being stored on a single server or in a central server (Distributed). Each node in the network has a copy of database that provides enhanced security (i.e if someone tries to change the information in the database then immediately it gets identified).

or

A blockchain is a decentralized, distributed digital ledger that records transactions in a secure and transparent manner. It is a type of database that stores information across a network of computers, rather than in a single location.

or

Blockchain technology is best known for its use in cryptocurrency transactions, such as Bitcoin and Ethereum, but it has a wide range of potential applications beyond just finance. It can be used to securely and transparently store any type of data or information, from medical records to voting records, supply chain management, and more.

#blockchain-technology#web3#smart-contracts#bitcoin#ethereum

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