BLOCKCHAIN : A BEGINNER’S GUIDE

The supremacy of a few technology giants over all of our data, led to the creation of the bitcoin using the blockchain technology by a pseudonym called Satoshi Nakamoto in 2009, Blockchain is a new architecture of building databases, where data is stored in blocks in a way that a continuous and interconnected chain of data is created. Even the slightest change in data stored in previous blocks cannot be made without changing data in following blocks. This immutable(unchangeable) architecture combined with the cryptographic methods increases both the security and efficiency in data storing.The copies of a ledger of a block is spread across different and independent registrars or computers called “nodes” which entitles them to add data on the blockchain,nodes can be spread across the globe.Every time a new block is added to the blockchain all the nodes across the globe gets updated simultaneously through a consensus mechanism and all the nodes across the globe have the exact same copy of the ledger/database at a given point in time.

One key difference between a traditional database and a blockchain is how the data is structured. A blockchain collects information together in groups ,known as blocks, that hold sets of information and the address of the previous block; this address of a block is known as hash. Blocks have certain storage capacities and, when filled, are closed and linked to the previously filled block, forming a chain of data known as the blockchain. All new information that follows that freshly added block is compiled into a newly formed block that will then also be added to the chain once filled.A traditional  database usually structures its data into tables.

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